Capital Gains Tax Valuation

Category: Uncategorised
Published: Friday, 04 September 2015 09:30
Written by Super User
Hits: 4557

Capital gains tax in Australia applies when a profit is made on the disposal of a capital asset that was acquired after 20 September 1985. Capital assets are defined in the legislation to be “any kind of property” or “a legal or equitable right that is not property.”

There are some disposals that will be subject to CGT exemptions, the most common of these being the main residence exemption. The total gain of a taxpayer is the total profit made from the sale of an asset by subtracting the cost base from the capital proceeds. After calculating net capital gain, the taxpayer who disposed of the property includes the net capital gain in his or her assessable income when their tax returns are lodged.

We, at Accord Appraisals can help you in the process by providing either a retrospective property valuation or current market valuation. We understand that our report becomes the basis of calculating your capital gain tax liability and will do our best to assist you in matter.