Stamp Duty Property Valuation
Stamp duty is a general tax imposed on certain acquisitions, including property. The amount of Stamp Duty differs from state to state and is linked to the value of the property being transferred.
First home buyers may also be eligible for concessions on their stamp duty tax liability, depending on the value of the property being purchased.
The Office of State Revenue will generally accept the purchase price of a property for the purpose of assessing the stamp duty liability; however there are a number of scenarios wherein the Office of State Revenue will require a valuation to be completed.
It is not uncommon for property in Perth, Western Australia to be transferred between family members or into and out of a superannuation fund or family trust. In circumstances such as these where the transfers are not considered to be at ‘arms length’, the Office of State Revenue will require a property valuation from a licensed property valuer.
Another situation where a property valuation may be required is when property is gifted to a family member. Although there may not be any money transferring between the parties, stamp duty is likely to be payable on the market value of the property.
When completing a valuation for the purpose of assessing stamp duty payable, the valuation report must be addressed to the Office of State Revenue.
Before organising a valuation for the assessment of stamp duty purposes you should seek independent advice from your accountant.
Hemsley Paterson are a boutique valuation firm servicing the entire Perth metropolitan area along with parts of regional Western Australia.
If you would like to discuss your property valuation requirements then Contact Us or call on (08) 9322 2070.