In the case of an investment or commercial property, holiday home or vacant plot of land, generally the price at which you sell the property will be used to calculate capital increase or decrease and any tax payable. However, this standard open market sale price may not be accepted by the ATO if the transaction occurs between related parties, family members, key employees, or offshore owners.
In some instances, including if the property is given away or passed on to a family member, you will need to use the market value of the property instead of the sale price. This is when a certified property valuation for CGT purposes would be required.
A valuation is the most accurate way of providing information on the value of a property asset. This can ensure the individual or entity selling the property is not charged at a higher tax rate than what they are liable. Our team maintains active memberships in recognised professional associations, ensuring total compliance for all current valuations. This independent oversight is essential when evaluating complex changes affecting non-resident individuals who hold interests in local real estate.