How important Retrospective/Back Dated Valuations are for capital gains taxes?

For us to be able to pay the right amount of tax, it is extremely essential to get the value of the property correctly in order to pay the right tax. If the base property value is arrived at an incorrect number then you will end up paying incorrect tax, which could lead to serious implications. The other side of it is, you may end up paying more tax than you should have been. Perth property valuers have the right set of people to assist you with all the valuations to be done accurately.

It is a legal and tax implication that if you are in Australia, you have any capital asset purchased or earned after 1985, the 20th of Sep, then any profit made on sale of this asset is taxable as capital gain. So in order to arrive at the profit made accurately, you will need an expert property valuers Perth, to deduct the sale value from the original value of the property. In order to do this Perth property valuers will need to do a current fair market valuation to understand the current sale price of the property and also need to do a Retrospective/Back Dated Valuation to arrive at the original value of the property. These retro dated calculations are so complicated that only expert valuator can do this accurately.

After arriving at this taxable capital gain determined by property valuers Perth the tax payer can add this amount to the total taxable income and can pay the tax only to an extent that they should.