Capital Gains Tax Valuations
What is Capital Gains Tax (CGT)?
Capital Gains Tax (CGT) is a tax on the profit made from selling an asset. When it comes to real estate, CGT is applicable when selling an investment property. However, most personal homes (your principal place of residence) are exempt from CGT. Other types of real estate, such as investment properties, vacant land, business premises, and holiday homes, are subject to CGT.
If you sell a property for a profit, you must report this in your income tax return and pay tax on the capital gain — the difference between the purchase and sale prices.
To understand this subject more, you may need to consult your accountant, financial advisor or the Australian Tax Office.
Current and Retrospective Valuations
Property owners often transition their homes between personal residences and investment properties. If a property was rented out after being used as a primary residence (or vice versa), and no valuation was conducted at the time of the change, a retrospective valuation can help determine the market value at that specific point in time.
Why do you need Lee Property Valuers and Advisors?
Lee Property Valuers and Advisors is a fully licenced and accredited property valuation firm, dedicated to providing valuation and strategic advice for real property.
We can provide a valuation assessment to determine the market value of your home and the land exempt from CGT liability. Our assessment can be at the present date, to apply to a current sale transaction, or retrospective, to apply to your original purchase of the property.
The valuation for CGT purposes may be vital in determining and calculating the correct amount owed to the Australian Tax Office.
An independent professional valuation assessment will assist in your claim to reduce your tax liability.
What is Capital Gains Tax (CGT)?
Capital Gains Tax (CGT) is a tax on the profit made from selling an asset. When it comes to real estate, CGT is applicable when selling an investment property. However, most personal homes (your principal place of residence) are exempt from CGT. Other types of real estate, such as investment properties, vacant land, business premises, and holiday homes, are subject to CGT.
If you sell a property for a profit, you must report this in your income tax return and pay tax on the capital gain — the difference between the purchase and sale prices.
To understand this subject more, you may need to consult your accountant, financial advisor or the Australian Tax Office.
Current and Retrospective Valuations
Property owners often transition their homes between personal residences and investment properties. If a property was rented out after being used as a primary residence (or vice versa), and no valuation was conducted at the time of the change, a retrospective valuation can help determine the market value at that specific point in time.
Why do you need Lee Property Valuers and Advisors?
Lee Property Valuers and Advisors is a fully licenced and accredited property valuation firm, dedicated to providing valuation and strategic advice for real property.
We can provide a valuation assessment to determine the market value of your home and the land exempt from CGT liability. Our assessment can be at the present date, to apply to a current sale transaction, or retrospective, to apply to your original purchase of the property.
The valuation for CGT purposes may be vital in determining and calculating the correct amount owed to the Australian Tax Office.
An independent professional valuation assessment will assist in your claim to reduce your tax liability.
