Capital Gains Tax Valuation
We provide clients with high quality capital gains tax valuation reports for residential, commercial and industrial properties.
All valuers have a minimum of 15 years capital gains tax valuation experience, and understand the Australian Tax Office requirements relating to capital gains tax valuation reports.
A residential property may be subject to capital gains tax for a wide variety of reasons, and we are able to value the property as at the current date and also retrospectively if required (some clients are not aware of cgt requirements until well after a property may have been sold).
If you are about to move out of your primary residence, you will require a valuation of the property at the date you move out so that if forms a baseline value to calculate any future capital gains tax obligations you may have on the property if you decide to sell it.
All capital gains tax valuation reports are conducted on a similar basis, with the valuer confirming the property to be valued, the date or dates it is to be valued at, the condition of the property as at any retrospective dates, who to formally address the report to, and asking for any other relevant background information from you.
An inspection of the property is then arranged, and for residential properties an inspection should take 20-30 minutes. For more complicated properties it may take longer.
Once an inspection has been undertaken, the valuer reviews similar recent sales in the area as this is usually considered to be the best indication of a properties value, and also considers current market condition, as well as all the other relevant factors that may have an influence on the subject properties value.
After this, a detailed written report is created that will confirm the properties value as at the date of inspection or any retrospective date as required, contain the subject properties specific details, comparable sales, a number of photos and any other information required.
This valuation report can then been submitted to the Australian Tax Office, or sent to your accountant to help with any capital gains tax assessment.
We provide capital gains tax reports to clients directly, on behalf of accountants, financial advisors or other allied professionals.
Capital gains tax valuations are also conducted where access to the property is not possible, and we have extensive experience providing reports on this basis.
The valuer will usually conduct a kerbside inspection of the property, check the properties details via various sources (some not available to the general public) and may require some information as to the specifics of the property depending on what information is available to the valuer.
Melbourne Property Valuation conducts capital gains tax valuation for local clients, but also for those who live interstate and overseas. A property valuation for capital gains tax purposes is a specialised area.
If you have any questions in regards to having a property valued for capital gains tax feel free to call, and you will be able to speak directly to an experienced property valuer who can help you with any information you need, along with a quote.
Otherwise, if you do not wish to call us we have an online enquiry form which you can use, and we will respond to your query within 1 hour during business times.
Capital gains tax is a complex area and Melbourne Property Valuation recommends you seek advice from the ATO, your Accountant or Financial Advisor before requesting a valuation as it is a completed area, and the correct date of valuation is important, as well as understanding the ATO requirements.
Below is an excerpt from the ATO website which states;
According to legal precedent, experts who assess market value should have specific knowledge, experience and judgment in that particular field. To ensure the objectivity of the report, the valuer should be independent of the interests of the party commissioning the report.
A valuation should:
- be replicable – in effect, this means the valuation should be documented and explained well enough that another person or valuer can understand how the value was determined
- preferably be undertaken by a suitably qualified and experienced person in relation to the asset being valued.
A valuation report should:
- be understandable
- objectively demonstrate the valuation process undertaken in accordance with valuation industry practices.
If you do not adequately explain the process you undertook, we may not accept that the value reached by that process is the market value.