What is a Capital Gains Tax Valuation?

This is the service for you if you’re selling, buying, or renting out a property and need a value of the property for taxation purposes. By getting an accurate, reliable capital gains tax valuation, you’ll be able to relax about tax. Capital Gains Tax is often referred to as CGT.

Valuations can be conducted in the present market at the date the property is inspected, or retrospectively if it’s required. We are also able to conduct valuations where the property no longer exists (ie: demolished), or it was sold and access is no longer possible. Many clients don’t realise any investment property may need to be valued for capital gains tax purposes until well after the event.

The Australian Tax Office, the body responsible for governing all issues and matters relating to tax, has clearly defined rules that govern how assets are defined and valued. The most common reason for disagreements between the ATO and private individuals and companies is a failure to understand these rules.

That’s where we come in.

Why Use Insight Property?

People use Insight Property because we’re accurate – and we’re independent. We’re fully licensed, experienced, and qualified local property valuers who conduct valuations for capital gains tax purposes every week.

We make getting your capital gains tax evaluation easy. We support you before, after, and throughout the entire process. You’ll always be able to talk to the same experienced individual adviser if you prefer – we’re not so large that you’ll get lost in amongst thousands of other clients. Instead, we provide a personalised service that will be there whenever you need it.

By using us you’ll know that:

  • Every professional valuer has more than a decade’s experience
  • We conduct valuations regularly for cgt purposes on all types of properties
  • Your estimate comes from a current member of the Australian Property Institute
  • You have complete support before, during, and after your valuation
  • These are independent services, ideal for individuals and businesses
  • Personalised services provided by friendly, customer-focussed advisers

Things About Capital Gains Tax It’s Important to Know

2012 FEDERAL BUDGET CHANGES

As of 2012, offshore owners and non-residents of Australia no longer benefit from the 50% capital gains tax discount they previously enjoyed. But, despite the law being changed, if you are a non-resident you can still apply for this benefit with our help. A full and complete tax valuation report will be instrumental in determining whether a claim like this will succeed.

This is also important in cases where you’re planning to rent out a property, move out, or move back into your property after the current tenant has left.

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A Capital Gains Tax Valuation Can Save You Money

CASE STUDY – RETROSPECTIVE CAPITAL GAINS TAX VALUATIONS

A client recently approached Insight Property to conduct a retrospective capital gains tax valuation on their property. The only problem as the client saw it was that they needed to know the value of the property as at 1 June 2008, and no longer owned the property so access to it was not possible.

A large portion of the valuations we undertake are for capital gains tax purposes, and this was not an unusual valuation request from our perspective. As licensed valuers we have access to detailed property information and sales databases that can stretch back 30 years or more.

Retrospective capital gains tax valuations can be more complicated than valuing a property in the present market, but it is possible, and all of our reports exceed ATO guidelines.

To conduct the valuation we needed our client to confirm the actual date the property needed to be valued at, and also the condition of the property at that date. The remainder of the information we could obtain from various sources.

We conducted a kerbside inspection of the property, and used this information along with the extensive property information we have access to as valuers, and were able to undertake the valuation successfully.

The report was completed four days after receiving the instructions.

CASE STUDY – CAPITAL GAINS TAX INVESTMENT PROPERTY VALUATION AND CGT LIABILITY

A client purchased a property that was to become their new home, and was planning to move out of their current home without selling it, keeping it as an investment property. This event makes the original dwelling subject to capital gains tax from the current date if it is sold in the future.

Their accountant advised our client to have their current dwelling valued for capital gains tax at the time they rented it out. As such, we conducted a current market valuation of their property, and provided a detailed written report. The valuation process involves inspecting the property internally and externally, with a report being ready two days after the inspection.

Our clients and their accountant will keep the report on file, and in the future if there is a reason to assess the property for capital gains tax, they will be able to use our report to calculate any CGT liability.

It is important to understand capital gains tax if you own a investment property, and a valuation of it will be required in many instances. The valuation fee may also be tax deductible.

If you have any questions regards capital gains tax valuations feel free to contact our office, where a valuer will discuss with you the process, cost and answer any other questions you may have.

We have fifteen years experience valuing properties for capital gains tax, and undertake them on a weekly basis for private clients, accountants and a wide range of other clients.

Get Your Assessment Now Quickly and Easily

Call and speak to an expert adviser today on 1300 134 505, or contact us online at your convenience. We always reply to online enquiries within one hour. With each member of our team having a minimum of ten years experience and Certified Practicing Valuer status, we’ll make sure you get all of the information you need before proceeding with your valuation.