Capital Gains Tax Valuations

TaxATION VALUATIONS

Valuations for Capital Gains Tax purposes.

The licensed property valuers at Garmony Property Consultants undertake numerous Valuations for Capital Gains Tax purposes.

• Your family home is generally exempt from Capital Gains Tax (CGT).
• Investment property’s may be subject to Capital Gains Tax.
• Investment property’s acquired prior to 22 September 1985 are generally CGT Free.

Taxation Valuations can be required as at the following dates;

• Current Date, if you are about rent out your property.
• Retrospective Date when the property first became in investment property. (Non principal place of residence)
• Both Retrospective & Current Dates if you originally lived in the property, then rented it out, then moved back in.

Valuations for Capital Gains Tax purposes are required in numerous situations. Transactions that are subject to Capital Gains Tax are, but not limited to, inheriting property, deceased estates, residential rental properties where it is not your principal place of residence, vacant land and subdividing and amalgamating land, may be subject to Capital Gains Tax depending on the circumstances. If you subdivide a block of land such as the land on which you live and sell the newly created vacant lot, any profit is generally treated as a capital gain and is subject to Capital Gains Tax. A Capital Gains Tax or taxation valuation will be required to determine the portion of capital gain applicable to the portion of the asset which is sold. We recommend discussing you taxation requirements with your accountant or the Australian Taxation Office.

For more information on Capital Gain Tax Valuations or to obtain a free quote for our valuations, please contact one of our helpful valuation team members.