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, the Office of State Revenue requires a Stamp Duty Valuation by Registered Property Valuer 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..
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.
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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.