There are a number of taxation purposes for which we do valuations, these include:
Under taxation law, a capital gain or loss is made when a CGT event occurs. There are a number of ways in which this could happen. Such as when you sell or gift a property to another person. Or, when you move out of your home and decide to turn it into a rental property.
Stamp or Conveyance Duty is another tax which occurs on a regular basis. Usually, when you buy a property on the market, you need to pay for stamp duty. In this case, you simply pay tax on the price it sold for. However, if you were gifted or sold a property which is not the market price, then you will need a valuation from a professional to find this value.
The margin scheme reduces the amount of GST that needs to be paid when you sell a property as part of your business. This tax can only be applied if the property is taxable.
Independent property valuers strive to find the “fair market value” of an asset. It is the highest amount a buyer and a seller would accept for a property in an open market. This is the value you need for your taxation purposes.
The date of the event is important for us to help determine the valuation of a property and this should be determined by your accountant. In these instances, you will need a retrospective valuation. This is where we look into historical data and evidence to find the value for you.
The NSW Office of State Revenue and ACT Revenue Office require a qualified valuer to determine a property’s market worth. This means, you need to choose the right valuer to do a thorough job for you. Doing so, will help in reducing the amount of tax you pay.
We have extensive experience in helping our clients reach the right valuation- ensuring they don’t pay too much tax. Additionally, you can rest assured that we’ll be working diligently on your report. We are swift with our communication and tailor the report to your needs. Equally important to know, our reports meet the standards required by the NSW Office of State Revenue and the ACT Revenue Office.
So, if you want to find out more about how we can help you find the true value of your property contact us or call 1300 359 886. We operate in both Canberra and Sydney.