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Sections: s10 (1)(a) & (d)

Lodgement category: Duties Online

Circumstances/Transactions:

For sales involving transfers of land to associated persons, or fractional interests, or for less than market value.

 

Evidence:

  1. SRO Duties Form 2 (Goods Statutory declaration).
  2. Any agreement or contract of sale (if any) dated on or after 1 October 2008 between the parties.
  3. A copy of the Certificate of Title.
  4. Evidence of the value of the dutiable property by:
  • A letter of appraisal from a licensed real estate agent and a copy of the rate notice.
  • A valuation from a certified practising valuer who is a member of the Australian Property Institute (API) or by a member of the Real Estate Institute Victoria (REIV) with sworn valuer accreditation.
  • A letter of appraisal,commissioned by or for a financial institution for security purposes, providing the valuation is by a certified practising valuer who is a member of the API or by a member of the REIV with sworn valuer accreditation. The letter of appraisal or valuation should be:
  • In the case of a related party transfer for full or fractional interest (without a contract or that is a gift) - within six months of the date of the transfer
  • In the case of a sale under a contract between related parties - within six months of the date of the contract

Note: Appraisals that do not state the valuer's qualifications will be rejected.