Stamp duty is a tax imposed by state and territory governments for certain transactions or asset ownership transfers between two or more parties. The duty payable may (and often does) vary between each state and territory. There is very little uniformity.

Property, services, and transactions which may be subject to stamp duty include:

  • Real estate sales
  • Vehicle registrations and ownership transfers
  • Leases and mortgages
  • Insurance policies
  • The value of goodwill on the sale of a Business and asset sales within the business sale
  • Private and publicly listed share sales
  • Leases and mortgages
  • Hire purchase agreements

In the case of real assets, the stamp duty payable is dependent upon the value of the property, asset or transaction. For property assets, the duty is calculated and payable on the Market Value of the property or assets.

It is important to note that in relation to mortgages and other service-type transactions this will vary from state to state. In some cases, no tax is payable on certain transactions whilst in others they are payable. The Stamp Duty on business sales also varies widely.

Property valuations are conducted during ownership transfers to accurately determine the stamp duty payable. In some circumstances, obtaining a professional valuation report is a requirement by the various Offices of State Revenue, including when:

  1. The property was sold below market value
  2. The transaction was not considered an ‘arm’s length transaction; for example,  if it took place between parties with a relationship, such as family members.

It is critical to have your property valued by a registered and experienced valuer to ensure you do not pay more than you owe.

At Hymans Property, we are backed by an unblemished record and a collective industry experience of over 150 years amongst our senior management team. Our diverse range of industry knowledge in Land and Buildings, Plant & Equipment and Business Valuations, as well as our technical expertise with various federal and state tax laws, gives us great confidence in knowing that our clients can trust us with valuing and managing their assets effectively and accurately.

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You can request a call back or speak to a valuer on 1800 496 267 between 8:30am – 5:30pm Monday to Friday or request a call back by completing the following form.

For urgent matters, call Ian Hyman CEO on 0416 151 597.