Stamp duty is an amount of tax levy imposed by the government on the transfer of property ownership in Australia. The amount of stamp duty is payable based on the value of the property. To determine the value of a property, a stamp duty valuation report is required or mandatory. In this article, we will discuss the importance of stamp duty as to why it is so critical while undertaking a valuation assessment for tax purposes.
Obtaining a property valuation for stamp duty purposes is a very important process, and must not be overlooked. The value of the property determined by a qualified valuer in the valuation report may determine the cost of stamp duty, you need to pay to the State Revenue Office (SRO) in Victoria or Revenue NSW in New South Wales. In essence, the higher the valuation (value of property), the higher amount of tax you need to pay to the Government.Contact