Satisfy the Tax Office requirements
A valuation of real property, residential and industrial/commercial, within a Self Managed Super Fund (SMSF) is required by the Tax Office on a regular basis (every three years). Our Valuers are experienced in providing the format and detail required to satisfy the Tax Office requirements.
The Tax Office will generally accept the determination of an asset’s value, as long as:
- it does not conflict with the Tax Office’s guidelines
- there is no evidence that a different value was used for the corresponding Capital Gains Tax event
- it was based on objective and supportable data.
If the Tax Office conclude that the most appropriate valuation method has not been used for any of the assets, it will not be accepted and the most appropriate valuation method will be applied to determine an amended value.
We have seen a number of instances where the Tax department has taken issue with these usually higher rental figures as this may be a relief on tax. We strongly recommend that valuation reports are kept at market levels at all times, especially rentals.
Accredited, Insured and API Certified Practising Valuers
All valuations are conducted by an accredited, insured and API Certified Practising Valuer in accordance with the Australian Property Instituted guidelines. We cover the areas of Newcastle, Lake Macquarie, Hunter Valley, Upper Hunter, Central Coast and Port Stephens regions and we can usually assist with urgent matters to ensure that you or your client can meet the time frame required.
P: 1300 305 549
F: (02) 4334 6686