Stamp Duty Property Valuations
Sovereign Valuations is experienced in undertaking property valuations for stamp duty purposes. An accurate assessment of market value is imperative to ensuring you do not pay any more stamp duty than required. Each property valuation undertaken by Sovereign Valuations undergoes extensive analysis, putting our clients in the best position possible.
Stamp duty property valuation reports undertaken by our firm comply with relevant state authority requirements including those of the State Revenue Office (SRO) in Victoria and Revenue NSW in New South Wales.
The SRO stipulates a property valuation is required for stamp duty in the following circumstances:
You are given property as a gift.
You purchase property from a friend, an associated person or an associated entity.
You purchase property at a discounted price or for some form of non-monetary consideration.
Your purchase involves a fractional interest in property.
You purchase property in connection with a business for a total sum of more than $1 million.
The purchase price of your property is equal to or less than the property’s current capital improved value for rating purposes.
The SRO advises a property valuation for stamp duty must be undertaken by a valuer accredited with the Australian Property Institute (API) and can be dated as at any date within six months of the transfer date.