Capital Gains Tax Valuation

Curtis Valuations have experts in the field every day who specialise in all types of tax valuation, including property taxation and capital gains tax property valuation. We complete current and retrospective tax valuations on a regular basis and can assist with all of your property tax valuation needs. All valuers are fully qualified to provide reports accepted by the Office of State Revenue (OSR) and the Australian Taxation Office (ATO).

Capital Gains Tax (CGT) applies to assets acquired after the 20th September 1985, unless specifically excluded. Most personal assets are excluded from CGT, including your home (principal place of residence), car and furniture.

Other assets, including investments, are subject to CGT if a capital gain is realised upon sale. The Capital Gain is the difference between the price you paid for the asset and the price you sell it for. Tax is applied to this gain at varying rates, depending on your personal situation. Individuals, Companies and Self Managed Super Funds (SMSFs) are taxed at different rates, and there are definite benefits to having your assets accurately valued. Any Capital gains (or losses) reported during the financial year need to be noted on your personal or business tax return.

For the sale of an asset (like property) where a contract is involved, CGT is assessed from the date of the contract, rather than the date of settlement. For a sale with no contract, CGT is assessed after you cease to be the asset's owner.

It can also be prudent to time planned improvements to your property, or the sale of your property, to effectively manage cash flow. Delaying the sale of your asset from June to July could afford you 12 months to manage your tax bill (rather than one month), as it won’t need to be reported until the end of the current financial year.

Individuals and small businesses (excluding companies) can generally discount a capital gain by 50% if they hold the asset for more than one year. Click here for more detailed information on CGT from the ATO 

Has your accountant or solicitor or the ATO requested that you obtain an independent valuation for the calculation of Capital Gains Tax? Contact us today to receive a competitive quotation for your property tax valuation needs.