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Capital Gains Tax

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Do you want to run the risk of the ATO rejecting your Capital Gains Tax estimate and then have them decide how much your property has gained in value?​

Do you want to incur a penalty for making ‘false or misleading statements’ to the ATO?

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These risks are real if the valuation you provide to the ATO does not meet their requirements; or if it is deemed as being misleading i.e. if it understates or overstates the market value of your property.

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It's surprising then that some of our competitors offer 'desktop' valuations for Capital Gains Tax purposes where they do not visit the property itself or any others used in their valuation, their valuers sometimes being located interstate.

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At Vantage Valuation we have years of experience in providing valuations for the taxation purposes and we are familiar with the strict ATO requirements that your valuation must adhere to.​ 

 

We always inspect those properties we value and our valuers are local experts. That way we ensure that your valuation is precisely accurate, so there is no risk of you paying more tax than the amount which you are legally obliged to.

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How do valuations feature in my Capital Gains Tax calculations?

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Capital Gains Tax is calculated upon the increase in the market value of your property from the date your ownership starts to the date it ends.*

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Capital Gains Tax may also be calculated form the date it became your investment property to the date it stopped being your investment.

 

We recommend that you confirm the applicable dates with your tax agent.

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‘Market value’ is a term which essentially means the sale price your property would achieve if it were sold in a normal way e.g. sold through and agent on the open market.

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Frequently asked questions

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Does that mean I need 2 valuations and 2 different dates?

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Not necessarily. For instance, if you bought or sold your property through a real estate agent when it was on the open market, then it is likely that the ATO will accept the price in your sales contract as being its market value.

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What if I sold my property to a family member at a discount?

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If your property was sold to a family member then the sale price is unlikely to be equivalent to the price it could have sold for, i.e. its market value, and you will likely need a valuation.

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What if I do not know what the market value of my property was when I inherited it?

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I didn’t get a valuation done at the time I started renting my property out, what should I do?

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Don't worry because we can value your property retrospectively at the date in the past when you first got it.

 

If you have just inherited your property, or have just begun using it as an investment property then we recommend getting a valuation as soon as possible, because retrospective valuations generally cost more.

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Do you have to inspect my previous property, because I no longer own it and don't have access to it?

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No, we can inspect your previous property from the kerbside and use historical information available to us, including past photographs and descriptions of the property, to complete your valuation.

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We hope we can assist you with your valuation requirements and feel free to contact us with any further questions you may have.

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*(The information contained here does not constitute taxation advice but sets out to broadly explain how valuation relate to tax calculations. We consider it is essential that you obtain taxation advice from a registered tax agent.)

Let us know what your valuation requirements are and we will get back to you with a quotation. Your contact details will only be used for the purposes a quotation because we value your privacy.

Thank you. We will be in touch soon.

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