• Amendments to Valuation of Land Requirements

    A dutiable transaction between related parties must be independently valued before an assessment is issued. Effective from 1 March 2016, a valuation may no longer need to have been conducted specifically for duties assessment purposes, and written authorisation is not required to permit the Commissioner to rely upon the valuation for assessing duty.

    If you have a valuation from a licensed valuer for residential or commercial land, the Office of State Revenue (‘OSR’) will accept a copy of that valuation with your agreement or transfer of land if:

    • the valuer is licensed under the Land Valuers Licensing Act 1978 and has carried out a physical inspection of the property;
    • the total value of the land involved is not greater than $2 million;
    • the valuation was made within three months of the date of the transaction; and
    • the Commissioner receives written advice from the taxpayer confirming that no improvements have been made to the land since the valuation was conducted.

    A valuation can be submitted through Revenue Online when entering a related party transaction.

    A written valuation provided by the taxpayer will be referred to a qualified valuer if the Commissioner considers for any reason that the valuation requires independent review. If the qualified valuer increases the value of the property, the Commissioner will determine if further action is appropriate.

    If your valuation does not meet all specified criteria, the OSR can arrange for a valuation to be made on the property by the Landgate Valuation Services Branch. Alternatively, an Electronic Valuation Request can be submitted through Revenue Online.

    For more information about related parties and the recent amendments to valuation requirements, refer to Commissioner’s Practice TAA 30 ‘Valuation of Land for Duties Purposes’ and Duties Circular 14 'Licensed Valuations for Transfer Duty Assessments'.

    Published date: 01 March 2016