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Sydney Metropolitan Area Only! |
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$175
Stamp Duty
Valuation
Are you thinking of
transferring a property between family members, to your self managed super fund or any other
property transfer that is deemed not to be a transaction "at arms length"?
In most cases, Office of
State Revenue requires a Stamp Duty
Valuation by Registered Property Vlauer to establish the market value of property for
stamp duty purposes.
When ordering your Stamp Duty Valuation, please supply as much information as you can.
If the property is tenanted or managed by a Real Estate Agent, additional information may be
required for access purposes. Please contact your Managing Agent or tenant and inform them
about forthcoming inspection. If you are dealing with difficult tenant, please inform the
valuer and be prepared for delays.
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When Do You Need A Stamp Duty Valuation?
Stamp duty property valuations, to determine the stamp duty payable to the State Government when a
property is transferred privately between related parties rather than on the open market.
What is a Stamp Duty?
Stamp duty has been in existence for quite some time, which refers to a tax assessed by the Australian State
and Territory governments on a series of dealings and documents. The federal government of Australia does not
impose stamp duty however it is the task of the states and territories. It is based on state and territory
jurisdictions that the stamp duty rates vary and so does the nature of devices or paperwork. An Office of State
Revenue is a part of each and every state and territory which is accountable for the gathering of duty.
A financial transaction which involves buying or transferring of property from one individual or legal
entity to another attracts stamp duty. The tax accrues as the property is transferred from the owner to the
purchaser. And it is buyer's obligation to pay the duty well in time in order to avoid surcharge fees. The laws
and regulations also prescribe rebates, exemption and concessions which can be granted only under specific
circumstances.
Location of the property also plays an important role in the computation of stamp duty. First time
purchasers of property or a low valued property are perfect examples of immunity categories to attract any
duty.
A stamp duty calculator aids significantly in the computation of precise amount which is expected to be
placed with the government agencies. It is essentially software that has been designed to offer uniformity and
ease in computations during a property deal. The system provides comprehensive fee structures which are due
towards professional fees and what part makes for the legal fees based on various inputs made by the user.
Regardless of numerous variations between the state and territory rules on computation and collection of
stamp duty, but there do exist similarities as well. The base method for computation of tax is identical all
across Australia. A simple ideology that the value of transferred property raises so does the percentage rate
used for computing the payable amount.
Stamp Duty Rates
New South Wales
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Dutiable Value
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Duty Payable
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$0 - $14,000
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1.25% of dutiable value
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$14,001 - $30,000
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$175 + 1.5% of dutiable value over $14,000
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$30,001 - $80,000
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$415 + 1.75% of dutiable value over $30,000
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$80,001 - $300,000
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$1,290 + 3.5% of dutiable value over $80,000
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$300,001 - $1 million
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$8,990 + 4.5% of dutiable value over $300,000
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$1 million - $3 million
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$40,490 + 5.5% of dutiable value over $1 million
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Over $3 million
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$150,490 + 7% of dutiable value over $3 million
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Stamp Duty Concessions
When it comes to residential property, stamp duty can be charged at a concessional rate. Certain
prerequisites must be met before the concessional rate is approved such as property value, property type and
occupancy requirements. To find out which concessions are available in your state contact the Office of State
Revenue.
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