Brisbane Property Valuations for Tax Purposes
Property valuations for tax purposes in Brisbane can be dated current market (today’s date) or can otherwise be produced retrospectively, where the valuer will focus their market research around the relevant point in time. As well as this, these property valuations for tax purposes can also be produced even if the property has since sold, as we have access to a huge database that records all relevant property information for valuers to access.
Under Australian law, taxpayers are often advised to report on the value of an asset. This is defined as sourcing the fair market value of the asset, as per the Australian Property Institute’s guidelines of:
“The amount for which an asset or liability should exchange on the valuation date between a willing buyer and a willing seller in an arm’s length transaction, after property marketing and where the parties had each acted knowledgeably, prudently, and without compulsion.”
This definition guides valuation practice and assist in determining the reporting value for the purpose of the client’s tax liability. In relation to this we also offer services such as internal accounting valuation and Stamp Duty valuations, please get in touch today to find out how we can help you.
Property Valuations for Tax Purposes Brisbane
When a property has been an investment, or is about to become one, a market valuation is required to set the cost base for Capital Gains Tax. This is assessed at key points in time and can include:
- When a property has been an investment and the client is about to move back into it
- When a property has been inhabited by the owner who is moving out and is about to become an investment
- When a property is inherited and will be retained as an investment
- Valuations dated as at 8 May 2012 for foreign capital gains tax compliance purposes
If you have a tax requirement looming, or wish to enquire further, please call our office today on (07) 3123 7147 and one of our friendly staff will be happy to assist you. Alternatively, please fill out your details in our Online Enquiry Form and we will get back to you as soon as possible.