When evidence is required
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When evidence is required
Acceptable forms of evidence
In general, evidence will be required in three circumstances:
if there is no consideration or nominal consideration for the transfer of the property, or
if all or part of the consideration is not monetary eg. an exchange of property, or
the Chief Commissioner is not satisfied that the consideration is an adequate indication of the unencumbered value of the property.
In most cases where there is monetary consideration for a transaction and where the parties to the transaction are unrelated, duty will be assessed on the consideration. No evidence of value will be required
However, in transactions where the Chief Commissioner is not satisfied that the parties, although unrelated, have been dealing with each other at arm's length, such as colluding to achieve a particular result, evidence of value will be required.
Other circumstances where evidence of value will be sought include:
where the parties to the transaction are associated persons, or
where the transaction relates to a fractional interest in the property, or
where the consideration simply appears to be low for the type of property sold.
Note: a definition of associated persons is contained in the Dictionary to the Duties Act.
Select the Next button below to find out what type of evidence will be acceptable when required.
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