Article Side

Online Article Directory!

Hello Guest! Login or Register to submit articles!

Need & Importance of Valuations

By Ariel Linford Subscribe to RSS | August 16th 2012 | Views:
loading
 
  



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.

Share on Facebook Tweet It Stumbleupon this post This post is delicious !

Article Source:
http://www.articleside.com/real-estate-articles/need-importance-of-valuations.htm

Related Real Estate Articles Subscribe to RSS

Know some facts before getting in contract for property buying
Published by John Mathews on July 20th 2012 | Real Estate
While you are looking to buy a home, there are certain things that you are to take into consideratio...
 
Guarantee continuous income with sensible property investments
Published by Sophia Milller on December 13th 2011 | Real Estate
There are so many places where you can invest your money. Buying assets is the best thing to do when...
 
How you can buy residential property on rent
Published by Glyn Jones on June 11th 2012 | Real Estate
Apartment buildings are more complex. Often, people are already living in the suites, and it simply ...
 
Port Washington property a true place to gamble your money
Published by Jack Smith on July 17th 2012 | Real Estate
People are ready to gamble their money, but everybody wants to make good money from their investment...
 
The contribution of property management companies of Dallas
Published by Nishaidhijames on August 10th 2012 | Real Estate
A city which is located on an area of 343 square miles with about 1,299,543 of population and also t...
 
Equity for buying strata property investment
Published by Chris Whelan on January 3rd 2012 | Real Estate
Equity in strata property is helping most to fulfill their dream of owning a property and can save m...
 
Online networking and property selling
Published by Matthew Watson on May 21st 2012 | Real Estate
There are many e-portals, which provide details on properties for sale. Anyone who wishes to put his...
 
Look out for the best property in Houston, Texas
Published by Brad Hermes on May 25th 2012 | Real Estate
Houston real estate market is reaching great heights in the United States. As the demand of housing ...
 
Looking to buy property in Gurgaon? are you on right track?
Published by Mike Nicholson on February 10th 2012 | Real Estate
If you’re planning to buy property somewhere in and around Gurgaon, this article is primarily mean...
 
Greater Noida property getting costlier
Published by Sanjay Kumar on August 1st 2012 | Real Estate
In the commercial category for IT/ITES properties, consumers can ought to shell out Rs 29515 per sq ...
 
Why you should rent a property for your family?
Published by Andy Wagon on February 15th 2012 | Real Estate
To determine which properties are good indeed quite difficult, especially when some properties are n...
 
Port Washington real estate is one time solution for all property queries
Published by Jack Smith on June 15th 2012 | Real Estate
Anyone can have lot of queries when they go for property dealing. But your all queries resolved with...
 
 
Seeing the huge growth in commercial property in Bangalore
Published by Prop Tiger on June 14th 2012 | Real Estate
Bangalore has been thought of as an IT/ITeS hub, rightly thus because the major demand for commercia...
 
Rental property- its difficult to find without estate agents
Published by Matthew Watson on April 16th 2012 | Real Estate
A proper research of the property market, its trends and different rents in different localities nee...
 
Central London property management services are highly sought-after
Published by John M. Alcorn on March 20th 2012 | Real Estate
Investment in buy-to-let properties is growing more popular, particularly for people aiming to augme...
 
When you're spending it large for property it's advisables to ease up the conveyancing process
Published by Finten Thomas on February 19th 2012 | Real Estate
Whether you're looking to purchase, sell or remortgage we are able to offer you an excellent value f...
 
Delimitate facilities with affordable investment in residential property
Published by Bhubaneswar Property on May 14th 2012 | Real Estate
The most prime factors for choosing flat at Bhubaneswar are very good communication, close to IT Sec...
 
Choosing trustworthy property consultant is beneficial
Published by Deepti on May 4th 2012 | Real Estate
Mohali is a full-fledged market of real estate. It is major part of tricity though it has now a sepa...
 
Finding property and buying it becomes with help of Real Estate Agents
Published by Melbourne Realestate on June 28th 2012 | Real Estate
If anything is done by the profession that creates a great impact. Same is in the case of real estat...