Stamp Duty / Transfer Duty Valuations
Stamp Duty / Transfer Duty Valuations (OSR: Office of State Revenue)
Quadrant Stamp/Transfer Duty Valuations satisfy all requirements of the Office of State Revenue on property transfers and ownership Title changes.
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Transfer Duty, formally known as Stamp Duty, is the tax charged by the government for the change in name/’s, or the removal of name/’s, on the ownership Title.
In regular sales when the open market is fully tested the OSR will base its stamp/transfer duty on the sale price achieved and in contract.
However, inter-related transactions, for example a when a family member sells or purchases partial or complete ownership to another family member, property settlement or otherwise, often have an agreed price already established, so the open market is not fully tested by advertising the property for sale to the public and fielding interest and offers from unrelated people as a normal sale/marketing campaign would do.
For this reason the government (OSR) in this case is concerned they may be missing taxation dollars as they hold the view these transactions are not all made at full market value and as the ($) amount of stamp/transfer duty/tax, is based on the market value, with taxation increasing with market value, these transactions are required to have an Independent valuation conducted by a suitably qualified/registered Valuer to certify the market value of the subject property to which the stamp duty will be based on.
This is where Quadrant can assist, Quadrant Real Estate Valuation provides fast reliable and affordable valuations and price certifications for all situations and property transfers.
We are qualified registered, certified experts recognised and accepted by the Office of State Revenue and the Australian Taxation office.
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Note: The purchaser is the party who attracts the stamp/transfer duty.
As a guide please find a link below to the OSR
Stamp/Transfer Duty Calculator: