Transfer Duty Valuations
‘Transfer Duty (formerly known as Stamp Duty) is a State Government Tax payable to the State Revenue Office (SRO), aka Revenue NSW, when property ownership is transferred from one party to another. A transfer duty valuation is compulsory when transferring proprietorship amongst related parties or where the property is being transferred into a superannuation fund or other trusts and lawful entities.
Transfer duty is calculated as a percentage of the purchase price or the property’s market value, whichever is greater.
When will you pay Transfer Duty?
- Transferring ownership of a property to a purchaser.
- A joint owner may want to remove an owner from the title where a property was purchased together.
- A property owner transfers property to his / her SMSF.
- Parents are selling property to their children.
- The husband transfers property in his name to his wife to be jointly owned.
- Sibling transferring his share of a property to another sibling.
Solicitors and Conveyancers often require transfer duty valuations for their clients.