Stamp Duty is payable on the transfer of a property. The sale price is generally acceptable to determine the stamp duty payable to the Office of State Revenue.
The Office of State Revenue imposes Stamp Duty on properties in: The transfer of agreements in sale of real estate Transfer in superannuation or trust entities Transfer of ownership of a property is changed or transferred
If I transfer my half of the property to a family member, what happens to the Stamp Duty payable?
In the case that the transfer is between related parties, the sale is not considered an “arm's length transaction” and is therefore not acceptable for the purpose of calculating the stamp duty. In these circumstances the Office of State Revenue requires a Stamp Duty valuation be completed, which must be conducted by a registered property valuer. Your solicitor, conveyance or settlement agent will advise you about your Stamp Duty Obligations and a current market valuation from a qualified valuer will determine the amount of stamp duty applicable on the transfer.
One of our experienced property valuers are happy to discuss the property valuation you require in more detail. Contact the Office (08) 92421611 or send us an email and we'll get back to you.
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