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Stamp duty which is also known as Land Transfer duty is a premium amount which one has to bear at the time of buying, transferring or acquiring of a property. If you are someone with limited knowledge over taxations and want to save money during property buying or transfer, you must get your stand duty professionally assessed by a taxation expert.
At KP Conveyancing, our expert solicitors and conveyancers are here to conduct a professional and precise evaluation of your stamp duty (transfer) tax in Melbourne so that you can explore your property transaction with more clarity and confidence.
In simple words, stamp duty (Land transfer duty) is an applied tax imposed by Government of Australia. It is applied during certain property or real estate transactions made for a property purchase, transfer or gifting away. In Melbourne, the state government of Victoria sets the amount of stamp duty. However, The City of Melbourne does not set its own rates, but the Victorian government has their own specific concessions for properties within the municipality areas.
The amount of duty is solely calculated based upon the property’s value. There is a standard scale of measure charging higher rates for more expensive properties.
State Revenue Office (SRO) is the official body who is responsible for all the calculation, collection and management of stamp duty in Melbourne, Victoria. You can find about more details and current rates from their official website.
Stamp duty property assessment is an in-depth evaluation of property’s market value, upon which the accurate amount of stamp duty tax will be calculated. A clear and professional evaluation is very necessary to make sure that the value goes with market condition. It also helps avoid any future disputes with the tax office and keeps everything compliant with SRO regulations.
A Stamp duty (land transfer tax) evaluation may be necessary for several instances when: –
At KP conveyancing, we always make sure that our valuations comply with best knowledge-practices and our reports gets pass the regulatory scrutiny.
There are many reasons why you need a stamp duty evaluation report which include:
A professional and accurate evaluation report can protect buyers, sellers and transferees from paying extra cost by letting them know the true worth of the property involved in the transaction.
A proper evaluation report is needed when a property is transferred between family members or business partners to prevent any future dispute.
If a property is transferred without an open market sale, a professional and independent valuation will make sure of accurate duty calculations.
An evaluation of stamp duty determines all the liability one has to bear for the inherited property. It also makes sure that a fair tax transaction is taken place.
More than anything, State Revenue Office (SRO) may request for an independent evaluation report if they find the asserted value of the property incorrect or inaccurate.
At KP Conveyancing, we have the best team of property lawyers and conveyers to deliver comprehensive valuation reports to mitigate the unique requirements of Stamp duty assessment for your Melbourne property.
Our reports strictly meet the highest professional standards and abide by the regulations of making them reliable for legal and tax purposes.
Choosing a professional transfer duty (stamp duty) valuation service provides several advantages just as:
Our reports manifest the true market value, and reduce risks of underpayment or overpayment of stamp duty.
Our valuations comply with State Revenue Office (SRO) guidelines and thus it prevents any future legal complications.
You get only genuine, fair and unbiased reports containing credible assessments from our independent firm.
With our ‘expertly assessed’ reports, you can prevent overpayment of stamp duty and save big.
With our reliable valuation report, you can avoid any future dispute with tax authorities or beneficiaries.
While buying a property if you have paid the full stamp duty, you may be eligible for tax exemption. In such cases KP Conveyancing will help you claim your stamp duty back from State Revenue Office. We can also prepare the necessary documentation from Land Victoria office on your behalf.
Our Stamp Duty professionals are experienced in providing stamp duty assessment & valuations for the office of state revenue and have access to the proper property research databases that enables us to find the most relevant market sales for stamp duty purpose.
As a property law firm in Melbourne, our expert team has gained years of experience in assessing various property types and always made sure your valuation report meets the strict guideline set by SRO Victoria.
So, if it is for a purchase, transfer or inheritance of a property, feel free to trust in our property lawyers at KP Conveyancing. No matter what type of property you have, we would deliver the most reliable valuations tailored to your needs.
Contact us for more information.
Contact KP Conveyancing – a law firm that genuinely mitigates your best interests. Call our team on 0423 888 025 or send us an email at info@kpconveyancing.com.au to reach out to a team member.