Stamp duty is the tax paid whenever there is a transfer of ownership between two or more people. This happens for all property types such as your house, unit, land or commercial property. The names of this tax include: stamp duty, conveyance duty, transfer duty or general duty depending on your state or territory.
Usually, when you buy a property on the market, the tax is based on the price it was sold for. In this case, during the conveyancing process, the amount you are taxed is based on this price. However, there are also instances where there is a transfer between related parties where the amount paid is lower than market value (or $0). Even in these cases, this tax will still need to be paid.
Independent property valuers strive to find what is called the “fair market value” of an asset. It is the highest amount which a buyer and a seller would accept for a property in an open and competitive market. This is what you will need for your valuation report.
A valuer is employed to find the market value of your property for stamp duty purposes. The amount paid on stamp duty is usually quite expensive. So you will need to find the right valuer to ensure that you don’t pay more tax than you need to. Using our cutting-edge processes and extensive databases, our Certified Professional Valuers will find the right value for you. In addition, we like to keep an open communication with you to ensure that we obtain an accurate picture of your property and tailor your report to your needs. Our reports are designed for use with both the ACT Revenue Office and NSW Office of State Revenue.
If you want to find out more about how we can help you find the true value of your property you can contact us or call 1300 359 886. We operate in both Canberra and Sydney.