Capital Gains Valuation – often done retrospectively.
When do you need a Capital Gains Valuation?
There are several reasons why you would obtain a valuation, such as:
- We suggest that when 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.
Getting a backdated valuation!
Your capital gains report is often referred to as a backdated property valuation or a capital gains valuation.
Whereas a property valuation will outline the property’s market value at a specific time by a certified valuer.
This reportwill help you work out your capital gains tax liability by providing a market value at a specific date.
In some circumstances, the Tax Office will require the taxpayer to acquire a capital gains tax property valuation report. This may be needed to establish the correct capital gain on their property’s sale. This valuation often forms the basis for the property’s cost base.
What does a valuer do?
Certainty and keeping the ATO happy is a major reason for a report
A Valuer, using historical data, knowledge, and historical facts, will 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 Valuation methodology. This may not necessarily produce the expected result you desire. In most cases, a valuation will detail the property’s condition and other properties sold in the area.
Many years ago, the ATO would accept a one-liner on a real estate agent’s letterhead. In recent years, however, the ATO has stated that a Valuation must be substantiated to provide an accurate figure.
Before engaging with a valuer, check with us to determine your required date and why.
We have no alliance with the following Valuers. However, we are aware our clients have used these businesses in the past:
http://www.insightproperty.com.au
http://www.duotax.com.au/property-valuations
