Hi guys I'm buying a property from my aunty and have obtained a independent valuation for stamp duty and CGT purposes of $1m. If I apply for a loan and they're happy to do a valuation and it comes back as higher than this amount, say around $1.3m, does this have any impact on the validity of the report that states the value is $1m?
It could but maybe unlikely if your val is done propetly. Osr may do their own estimate. Did u instruct the valuer that it was for cgt and stamp duty purposes
Is the stamp duty value close to market? Are you buying at market or bmv from your aunt (the bank may have some difficulty if bvm).
I would have thought that market value would be at least $1.2m or 1.3m based on recent sales in the area. the $1m value is per the independent valuation.
OSR NSW used to then commission another at taxpayer expense if they felt it was lowballed. No idea if they still do this. Bear in mind that if the market value if not $1m and you know this its a scheme and ATO wont accept it either. For income tax two related parties when dealing must use "market value"...The report is worth jack if its not reflective of the MV. The market value substitution rule prevails.
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