When do you need a Capital Gains Valuation. Selling your home or acquired property through inheritance, demolishing a home or rental for property development gst matters, you may need to obtain a retrospective valuation capital gains property report.
The capital gains report may be referred to as backdated property valuation or a capital gains valuation.
The property valuation will outline the property market value at a specific time in the past by a certified valuer. This assists you with helping you work out your capital gains tax liability by providing a market value at a specific date required.
The Tax Office will require the taxpayer to have acquired a capital gains tax property valuation report to establish the correct capital gain made on the sale of their property in some circumstances. This Valuation, in many cases, forms the basis for the cost base of the property.
A Valuer, using historical data, knowledge, and historical facts will be able to provide you with a valuation that can be used on a specified date. Failing to provide such evidence may result in the ATO using their own Valuation methodology and not necessarily coming up with the expected result you desire.
Many years ago, the ATO would accept a one-liner on a real estate agents letterhead. This now is not the case, and the Valuation must be substantiated to provide an accurate figure.
Check with us to determine what date you require and why before engaging with a valuer. We have no alliance with the following Valuers, but we are aware our clients have used these businesses in the past: