Awan Hammad

    Hi Lynda


    If I understand the issue, higher stamp duty has been paid but the extra amount was not paid by the Fund. If this has occured then yes the extra amount should be taken up as payable by the Fund as it is its liability.

    I assume the extra stamp duty is approximately $8,000 and on that basis I would not take up interest owing based on it not being a material amount (assuming not a long time has elapsed since it was paid).

    The auditor may be concerned about the original valuation so ideally you would review the valuation for being reasonable re the initial valuation and review on what basis the State Revenue Office came up with a higher valuation.

    If the correct value was not paid by the Fund for the property you may have a breach of section 109 of SIS (arm’s length transactions) and have NALE (non arm’s length expenditure) issues.



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