The WA Office of State Revenue (OSR) has revised Commissioner’s Practice TAA 8.7 (Valuation of land for duties and stamp duty purposes). The OSR says the Commissioner’s Practice has been amended to increase the value cap from $400,000 to $2m for valuations that may be relied on in the assessment of a transaction between related parties without referral to the WA Valuer General. The revised Commissioner’s Practice took effect on 1 June 2012.
[LTN 106, 4/6]