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Accounting Valuations

Stamp Duty Valuations

Whenever property is transferred from one entity to another, a stamp duty valuation may be required. Typically, the sale price of a property is the amount on which stamp duty is payable. This state duty is revenue payable to the State Revenue Office based on the property's value, which must be stated in the sale agreement.

What is Stamp Duty?

Stamp duty, also known as "land transfer duty," is a government tax on certain transactions, including the purchase of motor vehicles, insurance policies, and real estate. The amount of stamp duty varies depending on the location, type of transaction, and its value.

Why Stamp Duty Valuations are Important

Stamp duty valuations can be complex due to the varying rules and regulations that apply. As ordinary customers, it can be challenging to navigate these complexities. Here’s where we come in:

  • Property Transfers: We understand the different scenarios where a stamp duty valuation is necessary, such as property purchases and sales.

  • Superannuation Funds: When superannuation funds are transferred between entities, a valuation is needed to determine the correct stamp duty.

  • Change of Ownership: Even changes in ownership within sale agreements require valuation services.

Stamp Duty in NSW

In New South Wales, stamp duty (or transfer duty) is a one-time government tax on property purchases, payable by the buyer. It is calculated based on the purchase price using a sliding scale, similar to income tax. However, these standard rates don’t apply to all property purchases, particularly for first home owners and foreign buyers.

For sale transactions between relatives, the sale deed document alone is insufficient for calculating stamp duty. The Office of State Revenue in Sydney mandates a valuation by a registered valuer.

Key Points on CGT:

  • Reporting: You must report capital gains and losses in your income tax return. The gain is added to your assessable income and can significantly impact the amount of tax you owe.

  • Payment: Although CGT is part of your income tax, it's not withheld like regular income tax. Therefore, it's crucial to calculate the potential tax and set aside funds to cover it.

  • Capital Losses: If you incur a capital loss, it can't be claimed against other income but can be used to offset capital gains.

  • Applicability: CGT applies to assets acquired after 20 September 1985, with certain exemptions.

  • Exemptions: Most personal assets, like your home, car, and personal use items (e.g., furniture), are exempt. Depreciating assets used for taxable purposes, such as business equipment or rental property fittings, are also exempt.

  • Timing: The capital gain or loss is typically recognized when you enter into the contract for disposal, not at settlement.

Capital Gains Tax Valuations

Marchese Property Valuations can provide a detailed valuation report for submission to the Australian Taxation Office (ATO) to calculate your Capital Gains Tax (CGT). This report is essential if your property is an investment, if you have made significant capital improvements to your residence, or when a property transitions from a deceased estate to beneficiaries or a superannuation fund.

What is Capital Gains Tax (CGT)?

Capital Gains Tax (CGT) applies when you sell a capital asset, such as real estate or shares, resulting in either a capital gain or loss. The capital gain or loss is the difference between the acquisition cost and the sale proceeds.

Objecting to Land Tax Assessments -

Your Rights, Our Expertise

Are you dissatisfied with your recent land tax assessment?

At Marchese Property Valuations, we understand that land tax assessments can sometimes be contentious. If you believe your property has been overvalued or that the assessment does not reflect its true market value, you have the right to object.

With years of experience and a team of highly qualified valuers, we specialise in assisting property owners through the land tax objection process in New South Wales. Our mission is to ensure you pay a fair and accurate amount of land tax based on the true value of your property.

How We Can Help

Comprehensive Property Valuation

Our certified valuers conduct thorough and impartial property valuations to determine the accurate underlying land value of your property. This accurate valuation forms the basis for a strong land tax objection.

Documentation and Evidence

We gather the necessary documentation and evidence to support your objection, ensuring a robust case is presented to the relevant authorities.

Expert Objection Submissions

Our experts prepare and submit detailed land tax objection submissions on your behalf, highlighting key factors that challenge the current assessment.

Representation and Advocacy

If needed, we represent you in discussions with the relevant authorities, advocating for a fair and reasonable land tax assessment.

Self-Managed Superannuation Funds (SMSF) Valuations

At Marchese Property Valuations, we specialize in providing comprehensive and precise valuations for Self-Managed Superannuation Funds. These valuations are critical for SMSF compliance and strategic planning, ensuring that the fund’s assets are accurately assessed and reported.

Importance of SMSF Valuations in Australia

1. Regulatory Compliance

SMSF trustees are required by the Australian Taxation Office (ATO) to provide an accurate market value of the fund’s assets. Regular valuations ensure that the fund complies with superannuation regulations and reporting requirements.

2. Investment Strategy

Understanding the true value of the assets within an SMSF helps trustees make informed decisions about asset allocation, diversification, and risk management.

3. Financial Reporting

Valuations are crucial for the preparation of annual financial statements. They provide a clear picture of the fund’s performance and financial position, aiding in transparent and accurate financial reporting.

4. Taxation

Valuation of SMSF assets impacts the calculation of tax liabilities and accurate valuations optimise tax outcome whilst ensuring all tax obligations are met.

5. Transfer and Sale of Assets

When assets are transferred into or out of an SMSF, or when properties within the fund are sold, precise valuations are necessary to determine the correct transaction value and ensure fair dealings.

Our SMSF Valuation Services

Comprehensive Property Valuation

Our certified valuers conduct thorough assessments to determine the accurate market value of SMSF assets, including residential, commercial, and industrial properties.

Detailed Valuation Reports

We provide detailed valuation reports that comply with ATO guidelines, including:

  • Date of valuation and inspection

  • Property details (areas, dimensions, and legal particulars)

  • Description of improvements and site plans

  • Market analysis and comparable sales data

  • Valuation rationale and methodology

Expert Advice and Support

Our team offers expert advice and support throughout the valuation process, helping SMSF trustees understand the implications of the valuation and how to use the information effectively.

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