Related party including associated or fractional interest transfers

Circumstances/Transactions:

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

Evidence:

1. The Digital Duties Form.
2. Any agreement or contract of sale (if any) 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 6 months of the date of the transfer.
• In the case of a sale under a contract between related parties — within 6 months of the date of the contract.

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