A Capital Gains Tax is calculated when your property has made a capital gain. As a result, a tax needs to be paid on this capital gain. In most cases, this is what happens when you turn your primary residence into an investment property or transitioning your investment property into a primary place of residence. Any kind of profit or income that you have received from your property needs to be reported to the Australian Tax Office.
Calculating the correct CGT of your property is crucial for paying the correct amount of tax liability to the ATO. Ensuring that your tax liability is calculated based on an accurate property value could end up saving you thousands of dollars as a result. This is why we act within our clients best interests to ensure that you are receiving an accurate and comprehensive valuation to help assist in calculating your CGT.
Melbourne Property Valuers Metro is one of the leading team of property valuers Melbourne has to offer. Our senior team of valuers are specialised in all forms of property valuations serving across metropolitan area for all residential, commercial, and industrial property types. We offer comprehensive and high-quality and property valuation services for Capital Gains Tax (CGT) purposes. Furthermore, our property valuers specialise in providing property valuation reports that are suitable for submission to the Australian Taxation Office for all of your CGT requirements.
In addition to this, our API qualified property valuers all have at least 20 years’ qualified experience and all receive regular and up to date training to ensure that our clients are receiving the best service.
When it comes to calculating your CGT, we understand that sometimes multiple dates may be required for ATO submission. At Melbourne Property Valuers Metro, we are able to provide our clients with both current fair market value and retrospective/backdated property valuations to assist in the calculation of your Capital Gains Tax liability. Furthermore, we can provide multiple dates on the same report for your convenience.
We understand that seeking out a property valuation report has become an integral part of the calculation of this CGT liability, and we strive to provide maximum client satisfaction through our high-quality services. Our clients reach out to us every day seeking out a valuation report for CGT purposes so we are always here to help our clients in any way they need through the booking and valuation process.
Capital Gain Tax Property Valuers Melbourne
Seeking out a property valuation for CGT is one of our most common enquiries, as such, we’ve found that our clients commonly seek out our services for the following reasons:
- Moving out of your primary place of residence and renting it out (turning it into an investment property)
- Selling an investment property and providing a backdated or retrospective report back to the time of the CGT event
- Moving into an investment property or making the investment property your primary place of residence
It is important to note that there have been changes in the Capital Gains Tax laws for non-residents. As a result, these recent changes in Capital Gains Tax law affecting non-residents and offshore owners have made it a requirement to have properties valued as at the date of change in law from the 2012 Federal Budget.
These changes occurred on 8 May 2012, as a result, have seen the 50 percent CGT discount removed from for non-residents who hold interests in Australian property. Individuals impacted by the change can still claim the discount for CGT accrued prior to 8 May 2012. We recommend those affected by this change contact their accountant or financial advisor and if required, then contact us at Melbourne Property Valuers Metro so we can assist you in your CGT calculation.
Ensuring you have calculated the correct amount of CGT for your property is essential in limiting your CGT tax liability. At Melbourne Property Valuers Metro, we always work within our client’s best interest. That why we have created a benchmark for the valuers we employ to ensure that our clients are receiving the best experience and service. Each of our valuers have at least 20 years experience and all been trained and certified by the Australian Property Institute (API). We also make sure that our team of valuers are local to the Melbourne CBD area and are in a position to apply accurate local knowledge to their market analysis.
It is important to seek out advice from your accountant or financial advisor to determine dates and relevant information before engaging a property valuer as the date is integral to the ATO. This will ensure that your property valuation and subsequent submission to the ATO is correct.
To seek a free quote or for any general enquiry, please contact us today on (03) 9021 2007 or fill out an online enquiry form. We won’t be beaten on price or service!