Need & Importance of Valuations
Stamp duty valuation is the scrutiny of tax paid on the transfer of an asset, such as real estate, between two parties. A stamp duty valuation is generally carried out where there is a relationship between the two parties. The valuation will provide the correct figure on which the duty will be assessed.
Important Points to consider:
o Stamp duty is payable on most transfers whether or not the transfer was for monetary consideration. However, there are some exceptions. The amount payable is pro rata on the value of the asset.
o No stamp duty is payable and the transfer need not be marked for changes in tenancy. That is, from joint tenants to tenants in common in equal shares or from tenants in common in equal shares to joint tenants.
Stamp duty is a tax that is levied on documents. Historically, this included the majority of legal documents such as cheques, receipts, military commissions, marriage licenses and land transactions. A physical stamp (a revenue stamp) had to be attached to or impressed upon the document to denote that stamp duty had been paid before the document was legally effective. More modern versions of the tax no longer require an actual stamp. The duty was originally introduced in the Netherlands in 1624 and spread to other countries subsequently, France 1654, Denmark 1657 and Prussia 1682.
The federal government of Australia does not levy stamp duty. However, stamp duties are levied by the Australian states on various instruments (written documents) and transactions. The rates of stamp duty vary from state to state, as do the nature of the instruments or transactions subject to duty. Some jurisdictions no longer require a physical document to attract what is now often referred to as "transaction duty". Major forms of duty include the transfer duty on the sale of land, businesses, shares and other forms of dutiable property; mortgage duty; lease duty and duty on the hire of goods. Rebates or exemptions are available from transfer duty and mortgage duty for those purchasing their first home.
Often a stamp duty property valuation report is required by the office of state revenue by a registered property valuer when transferring ownership between related parties. The stamp duty paid is based on the valuation provided. Stamp duty valuations are also required where property is being transferred into a superannuation fund and various trusts and entities.
Experts have been providing stamp duty valuations for the use of the Office of state revenue for many years and have the experience to provide a valuation to suite your needs and meet the requirements of the Office of State Revenue.
A capital gains tax valuation is valuation of a tax on capital gains, the profit realized on the sale of a non-inventory asset that was purchased at a lower price. The most common capital gains are realized from the sale of stocks, bonds, precious metals and property. Not all countries implement a capital gains tax and most have different rates of taxation for individuals and corporations.
For equities, an example of a popular and liquid asset, national and state legislation often has a large array of fiscal obligations that must be respected regarding capital gains. Taxes are charged by the state over the transactions, dividends and capital gains on the stock market. However, these fiscal obligations may vary from jurisdiction to jurisdiction.
Capital gains tax in Australia is only payable upon realized capital gains, except for certain provisions relating to deferred-interest debt such as zero-coupon bonds. The tax is not separate in its own right, but forms part of the income tax system. The proceeds of an asset sold less its 'cost base' (the original cost plus addition for cost price increases over time) are the capital gain. Discounts and other concessions apply to certain taxpayers in varying circumstances. The amount left after applying the discount is added to the assessable income of the taxpayer for that financial year.
Capital Gross Tax Valuation- Often, after disposal of property that is not the principal private residence, the Inland Revenue will require a formal written valuation to calculate any Capital Gains Tax due. Any gain in value made on a property, residential or commercial or held as an investment unless owner occupied, is subject to this Tax.
In addition, when it is intended to transfer the ownership of a share of a property or the entire property, a value has to be given in order to assess the amount of Stamp Duty to be paid to the Inland Revenue.
Property Valuers- Property valuation is a complex science and needs conscious frame of mind to deal with the matters of property dealing and if you have already taken a few quotes from property valuers, that will support you to take decision accordingly.
Professional property valuer always provides you best knowledge of property valuation and certain solutions to deal with the matter with care and sensibility. Many professionals with strong portfolios are available in the market to provide not only property valuation but also other related issues to the legal aspects of the property. Hiring professional property valuers always ends with fruitful and desired results.
Ariel Linford - About Author:
Lorenzo cliff has been working as a professional writer since 2009.His writing includes many articles for blogs, websites like for stamp duty valuation and many more. He prioritizes quality over quantity to write about property valuers and make sure that his articles are interesting and error-free.
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