Capital Gains Tax (CGT) Property Valuation
Capitals Gains Tax is a tax administered by the Australia Taxation Office (ATO) and is payable where a capital gain has been made on an investment property held in Perth, Western Australia.
Although we all aim to make a capital gain on investments, there are instances where a capital loss is incurred which can be used to reduce other capital gains in the same income year.
Where a property is purchased and sold as an investment, the calculation of the capital gain (or loss) is relatively straight forward. If however, the family home is rented out at some point or you decide to move into a property previously utilised as a rental, a property valuation may be required to assess the market value at a particular point in time.
The requirement for a property valuation is often forgotten until many years later; however our in most instances our highly experienced valuers can provide retrospective valuations.
We would always recommend you seek independent accounting advice regarding Capital Gains Tax.
If you would like to discuss your current situation then please contact the office on (08)9322 2070.