Property Valuation for Tax Purposes Sydney
Valuations NSW is the company to call if you need a property valuation in NSW for tax purposes in Sydney and across the state. We are the leading independent valuation firm in the state.
A key requirement for a property valuation for tax purposes is that it must be performed by a valuer that is both certified and independent. We meet both requirements as every valuer we employ is a Certified Practising Valuer (CPV). We are an independent firm with no association with any banks, financial institutions, or real estate agencies. Every property valuation for tax purposes is completely free from the influence of any outside party. The report you receive will be unbiased, and impartial.
We have an incredible range of specialists here at Valuations NSW. We have property valuers in NSW with the expertise to conduct a commercial, industrial, rural and/or residential valuation for property tax Each valuation report is tailor-made to suit the needs of our clients. As there are many different property-related taxes we provide the following types of valuations for tax purposes:
- Capital Gains Tax Valuation: The profit you make on the sale of an asset is taxed as a part of your income tax. This is known as Capital Gains Tax (CGT). A CGT valuation may be retrospective when you need the value as at a past date.
- Deceased Estate Valuation This valuation may be retrospective so that it is accurate to the Date of Death (DOD). With an accurate valuation, you may avoid property disputes and the executor of the will can correctly divide all assets and property amongst the beneficiaries.
- SMSF Property Valuation: An SMSF is a Self-Managed Superannuation Fund. If you have invested in property through your SMSF and it takes up a significant portion of your fund, then an accurate property valuation is needed. Evidence of this valuation will have to be provided to an SMSF auditor.
- Stamp Duty Valuation: Stamp Duty, also known as Transfer Duty is to be paid whenever you acquire property. This tax must be paid to Revenue NSW within 3 months of signing a sale contract or property transfer.
Property Valuation for Tax Purposes FAQs
What is a property valuation for tax purposes?
A property valuation for tax purposes is an independent valuation report used to support tax-related requirements where a reliable market value is needed. The report must be prepared by a suitably qualified, independent valuer and includes the valuation rationale and supporting evidence.
When do you need a valuation for tax purposes in NSW?
Tax-related valuations are commonly required for matters such as capital gains tax (CGT), deceased estates, SMSF reporting, and stamp duty or transfer duty scenarios. The correct valuation type depends on the specific tax requirement and the relevant date of valuation.
Does a tax valuation need to be retrospective?
Often, yes. Many tax matters require a value ‘as at’ a specific past date, in which case a retrospective valuation may be required. This involves researching market evidence that was available around the required date.
Who can complete a property valuation for tax purposes?
A valuation for tax purposes should be prepared by a certified, independent valuer. Independence is important to ensure the opinion of value is objective and not influenced by third parties.
What types of tax-related valuation reports do you provide?
Common tax-related valuation types include capital gains tax (CGT) valuations, deceased estate valuations, SMSF property valuations, and stamp duty valuations. The appropriate report depends on the purpose and the relevant valuation date.
Choose Valuations NSW for Tax Related Valuations
Contact us today for information on our services or to request a free, instant quote, for a property valuation for tax purposes. You can reach a member of our staff via our online contact form or over the phone by calling (02) 8599 9863.
Not sure which report you need? Start with our overview of property valuation in NSW and we’ll guide you to the right tax valuation type.