Independent Related Party Transfer Valuers
An independent related party transfer valuation is needed in many circumstances for our clients. A related party transfer occurs when one person transfers an asset into the name of another person, this is usually a large asset including a property. This may occur in the instance of deceased estate, disposing of assets to a superannuation fund, or the private sale of a property. This is a transfer of property between two parties who are related under either marriage, blood or a personal relationship.
Property valuations are required for related party transfers for a number of reasons. These include:
- Knowing the fair market value of the property
- Calculating the correct amount of stamp duty
- Calculation the correct amount of capital gains tax
An independent property valuer is required to conduct the investigation into the value of the property in question. This is completed by a comprehensive investigation, assessing over 200 internal and external factors of the property to determine the property’s fair market value. If the purchase price of the property doesn’t reflect the fair market value, a property valuation is used to determine the accurate fair market value.
When this occurs, a property valuation report from a certified, independent valuer is required for submission to the Office of State Revenue. This is used to confirm that the correct tax is payable to the state government.
An independent property valuation report is required in most cases of related party transfer to ensure that:
- Any factors that may impartially affect the value of the property is taken into consideration
- Any conditions or considerations made can be backed up by factual data
- Ensure that an unbiased process is used to determine property value
At Vals TAS, our team of local independent related party transfer valuers have over 20-years-experience in the industry and are certified with the Australian Property Institute (API). We are able to guarantee that our completed valuation reports are clear, concise and true.
If you require an independent related party transfer valuation, or would like to find out more information on how we can assist you, call our team of experts on (03) 6108 2178 and we will be happy to help. Alternatively, complete one of our online enquiry forms and a member of the team will get back to you shortly.