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Cutting costs and disputes about valuations

Cutting costs and disputes about valuations. Valuations of assets and businesses are frequently needed for taxation purposes.

CGT net asset value test: valuations flawed

CGT net asset value test: valuations flawed. In two separate cases, the Tribunal has denied access to CGT concessions where valuable assets were sold and the taxpayers relied on poor valuations. In.

Tax Office tells valuers how to do their job

Valuers should check their calculations and supporting evidence particularly for profit and risk ratios, market interest rates, comparable sales and development costs on real property valuations according to a new Tax Office Issues Paper released in January

Save Tax: Tax-related Expenses

You can claim a deduction for fees paid to a tax agent for preparing and lodging your income tax return, costs in relation to a Tax Office audit or objecting against an assessment, applying for an extension of time or valuations required for tax purposes.

Save Tax: Borrowing Expenses

Legal costs, stamp duty, mortgage preparation and valuation fees, broker's charges, etc are deductible if business related and should be pro rated over the period of the loan, up to a maximum of five years. Keywords: Next Article.

Save Tax: Value of trading stock

The valuation method may be changed from year to year. The closing value of each item at the end of one year must be the same as the opening value at the beginning of the next year.

Protect Assets - business real property

Your super fund can purchase your business premises at commercial valuation and charge a commercial rent to your operating entity.

Save Tax: Works of art

Valuation expenses incurred are also tax-deductible. Keywords: Next Article. Disclaimer: We believe this information to be correct at the time of publication. It is general in nature, for guidance only and is not intended to be personal advice.

Plan Succession - vendor due diligence to prepare for sale of business

The advantages include: + Identifying key issues that could possibly be corrected before taking the business to the market; + Generally, there will be less valuation adjustments; + Leverage is available to reduce the scope of a purchaser's due diligence; +

Reportable tax position: Dob yourself in

Tax Office has updated the information on its website about reportable tax positions including the definitions of key terms such as “Reportable Tax Position”, “Position” and “Material”; guidance related to administrative practices, transfer pricing, market valuations