Capital Gains Tax Property Valuation

There are generally three instances when a client requires a Capital Gains Tax property valuation and they are detailed below.

  • When the property has been an investment and the client is moving back into the property, therefore, it becomes their primary residence. In these situations, property owners are required to pay capital gains tax for the period the property was an investment. We recommend getting an accurate property valuation by a quailed and experience property valuer in Brisbane because in this situation, you want the value of your property to be as close to the purchase price or value as at the date it became your investment. This is reduce the capital gains tax payable to the Australian Taxation Office. We have seen instances where people have employed an inexperienced valuer, that has valued their property for more than the current fair market value, resulting in a huge capital gains tax bill. Don’t let this happen to you.
  • When you move out and it becomes your investment property. In this scenario, the property owner wants the property valuation to be as high as possible, to minimise any capital gains tax payable should they move back into the property or sell it. This is probably the most common scenario, as a large portion of owners tend to upgrade over their lifetime and retain their investment property.
  • Property valuations as at 8 May 2012 for foreign capital gains tax compliant purposes.

Do not worry if you have been unable to get a property valuation at any of the three different dates above, as property valuers in Brisbane conduct current market and retrospective property valuations. And please do not worry if you have sold the property, we can carryout external assessments which are fully compliant with the ATO, as they understand some citizens are unaware or forget to get their property valued at the right time.

Please do not hesitate to be in touch should you wish to speak with a senior property valuer regarding any of your property valuation in Brisbane report requirements. However, please note, we are not accountants and cannot provide tax related accounting advice. The above information is provided based on our experience and you should consult your accountant as to your individual needs. We are happy to discuss your requirements so please feel free to call us on (07) 3077 9695 or complete the contact form.