STAMP DUTY VALUATIONS
Fixed at $250 + gst.
My fee for a Stamp Duty Valuation report on a residential property is fixed at $250 + gst.
Oh yes! Stamp Duty, (requiring a Stamp Duty Valuation report), another tax to pay on property!
Right, well let's start by getting the terminology correct.
We pay Land Transfer Duty (previously known as Stamp Duty) to the Victorian State Revenue Office.
But to be sure, whilst the name has changed, the tax obligations remain the same, and the long suffering tax payers still call the tax Stamp Duty, so I think I should call it Stamp Duty (and Stamp Duty Valuation report) on this website, so that we all know what I am talking about.
Stamp Duty is a tax that must be paid when the ownership of real property changes (with some exceptions). Sometimes, but certainly not always, a formal Stamp Duty Valuation report signed by a qualified valuer, must be presented to the State Revenue Office when the property ownership is transferred.
So, when will you need a Stamp Duty Valuation report? If the transfer is between what is known as "related parties", you will need a Stamp Duty Valuation report. For example, a mother sells to her son, or an individual sells to their own Super Fund. The government has chosen not to rely on the contract price in these cases, and needs the opinion of an independent expert (like me!) to nominate the market value of the property, in order to be sure that the correct amount of Stamp Duty is paid. So that's when you call me, and ask for a Stamp Duty Valuation report.
I provide many Stamp Duty Valuation reports every week, and I am truly conversant with the process of compiling Stamp Duty Valuation reports that are acceptable to the State Revenue Office. Also, it is important that the sales evidence in the Stamp Duty Valuation report is recent, because such data reflects the current state of the market, and the tax man wants his pound of flesh! But I do understand that my clients are hoping that the amount of Stamp Duty they must pay is not higher than necessary.
I look forward to assisting you with your Stamp Duty Valuation report requirements, for $250 + gst for all residential property.