Property Valuation for Stamp Duty

Discussion in 'Accounting & Tax' started by ropoa, 11th Oct, 2021.

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  1. ropoa

    ropoa New Member

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    5th Aug, 2021
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    Location:
    NSW
    Hi All,

    I'm looking to purchase a property from a related party and will be applying for the FHBAS (Property value is looking to be under 650k - this is the threshold for NSW)

    I'd like to purchase this as market price (otherwise i'd be ineligible for the FHBAS concessions). What would be the best way to get the market price for this property? An independent valuer?

    Could I rely on the bank valuation for this purpose?
    Does anyone have a recommendation for an independent property valuer in the Sydney region?
     
  2. wylie

    wylie Moderator Staff Member

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    Brisbane
    We have transacted property between family and used appraisals from a real estate agent with suitable comparable properties for stamp duty purposes. I assume this would still be acceptable, but perhaps call the stamp duty people and ask.

    Or pay for a valuer. The last transaction we did was to divide assets within a trust between my brother and I. We chose to pay for a valuation to avoid any possibility of an agent leaning one way or another, for two very different properties.
     
  3. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    If the property is in NSW there are specific requirements for the valuation - see DUT 012
     
  4. ropoa

    ropoa New Member

    Joined:
    5th Aug, 2021
    Posts:
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    Location:
    NSW
    Awesome - thanks Terryw.

    Can anyone provide a recommendation for an independent valuer?
     
  5. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    Australia wide
    You might be able to use the lender valuation, but you would need to agree on a price first. You could try any of the valuation companies though.
     

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