A valuation must be obtained for all transactions involving related parties.
You can immediately self-assess a transaction with a licensed valuation that meets the following criteria:
- total value of the land does not exceed $2 million
- made within 3 months of the date of the transaction
- valuer has carried out physical inspection of the property and
- written advice that no improvements have been made since valuation was conducted.
If there is no licensed valuation, complete an Electronic Valuation Request (EVR) through Online Duties. The valuation can take up to 15 working days for a metropolitan property and 30 working days for a non-metropolitan property. Once the valuation has been returned, the transaction status will be updated to assessed.
If foreign transfer duty applies, a related party transaction can still be self-assessed.
Example
Tony Smith executes a transfer of land to transfer a 50% interest in his residential property to his son-in-law as tenants in common. He provides a valuation for the property that meets the criteria above. The transaction can be self-assessed.
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