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When the proceeds you receive from selling an investment property exceed its indexed cost base you may incur a Capital Gains Tax liability (CGT). Revenue NSW requires that property values 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. This tax is calculated based on the difference in market values at different points in time. A professional stamp duty valuation is a legal requirement to establish the market value at one of these points in time.
IPV have the experience and expertise to make sure you get an accurate market value assessment in the case of a sale to a related party or an asset division. This is important to make sure you meet your legal obligations, and may allow your accountant to minimise your overall tax liability. 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 valuation 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 9659 5446 or enquire online now.