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When the proceeds you receive from selling a property exceed its indexed cost base you incur a Capital Gains Tax liability (CGT). This also applies when you gift property as you will be considered to have received its market value. The NSW Office of State Revenue requires that properties be assessed by a qualified valuer to determine its market worth. This allows them to calculate the actual amount of tax owed.
In asset division following a divorce or separation there is a complex web of CGT exemptions and regulations. Accurate property valuations are essential to smooth this painful asset division as much as possible.
Independent Property Valuations are able to establish the value of your property at a particular date. This will assist your accountant in calculating potential capital gains tax liability, allowing you to better manage your tax position. This can also help you take advantage of any relevant exemptions or options to reduce your gains.
Selling or gifting property can also mean paying tax in the form of stamp duty. The rate at which this tax is calculated is based on the market value of the property. Professional stamp duty valuation is a legal requirement to make sure that rate is correct.
IPV have the property taxation experience and expertise to make sure you get an accurate market value assessment for such sales or asset divisions. This is important to make sure you meet your legal obligations, and may allow your accountant to minimise your overall tax liability. Our guaranteed turn-around time on valuations will help here too, as stamp duty must be paid within 30 days of property settlement.
When you choose IPV you’re choosing a team with decades of property tax experience, who will work with your accountant to get the best results, and who are bound by a rigorous code of ethics. Our valuers are qualified, and current members of the Australian Valuers Institute (AVI) or the Australian Property Institute (API).
If you’re selling a property and need help with capital gains tax or stamp duty valuation, call Sydney’s property tax specialists on 02 8076 0317 or enquire online now.