According to the Office of State Revenue any taxable property transaction that is “Closer than arm’s length” between parties is considered as a ‘related party transaction’. This usually includes relatives, business associates and friends. These transactions need to be assessed by OSR for the appropriate assessment of Transfer duty.
A1 Conveyancing can lodge a contract for assessment and wait for Office of State Revenue to return their assessment. Transactions may be assessed quicker if your property is valued under $2 million. This licensed valuation needs to be less than 3 months old.
We are happy to act for both sides (where parties are amicable) towards your settlement.