Call Australian Valuers on 1800 664 094 – Property Valuers for Brisbane, Ipswich, Sunshine Coast, Gold Coast, and Northern NSW including Newcastle and Byron Bay.
Stamp Duty Transfer – Dutiable Value of a Property – Property Valuations
What is Stamp Duty?
Stamp duty is a tax charged by the government. Taxable transactions include:
- motor vehicle registrations and transfers;
- insurance policies;
- leases and mortgages;
- hire purchase agreements and
- transfers of property such as businesses, real estate and certain shares.
Stamp duty is imposed by each individual state or territory government. It is also referred to as transfer duty or general duty. It is designed to cover the legal costs incurred by the transaction.
How is Stamp Duty Calculated?
Each state has its own way of calculating stamp duty. To get the most accurate and up-to-date information relevant to your situation click on your state or territory’s Revenue Office below.
- ACT Revenue – Duties
- NSW Office of State Revenue – Taxes and duties
- NT Territory Revenue – Stamp Duty
- QLD Office of State Revenue – Duties
- RevenueSA – Stamp Duty
- TAS State Revenue Office – Motor vehicle, Insurance and Property transfer duties.
- VIC State Revenue Office – Land transfer duty
- WA Office of State Revenue – Duties
Why Do I Have to Pay Stamp Duty on Property?
Stamp Duty must be paid whenever you buy or sell property. Both the seller and the purchaser are liable to pay, however, in most cases it is the purchaser that actually pays the duty.
Dutiable Value of a Property
Before your accountant can calculate how much duty you will need pay, the dutiable value of the property must be calculated.
The dutiable value is the higher value of either the unencumbered value of the property or the amount you agree to pay.
This means that even if no money is exchanged – for example if someone transfers property to a family member as a gift – the property being transferred still has a dutiable value.
In the case of property transfer between family members, there are certain exemptions that you can apply for:
- One is when the matrimonial home is being transferred between a married or de-facto couple and
- another is when a property is being transferred after the breakdown of a marriage or de-facto relationship.
Valuation for Dutiable Value
This is where Australian Valuers’ expertise comes into play. Contact us today on 1800 664 094, or email at firstname.lastname@example.org to book an independent valuation on your property to determine its dutiable value.