Are you concerned about property taxes in Sydney? Understanding the ins and outs of property taxes including Capital Gains Tax (CGT) and Transfer Duty (previously known as Stamp Duty), is crucial for any property owner. At IPV we specialise in providing Property Taxation and Transfer Reports helping you navigate these complexities effectively.
Capital Gains Tax (CGT) on Property in Sydney
Selling an investment property in Sydney can trigger Capital Gains Tax (CGT) if the proceeds exceed the indexed cost base. To ensure accurate calculations, Revenue NSW request that property values are assessed by a qualified valuer.
This valuation determines the property’s market worth and therefore the exact amount of tax you may owe. During asset division in cases of divorce or separation, CGT exemptions and regulations come into play. Accurate property valuations are essential to streamline this process and reduce the associated challenges. Our experienced team at Independent Property Valuations (IPV) can establish your property’s value at a specific date. This information empowers your accountant to calculate potential Capital Gains Tax (CGT) liability, enabling you to optimise your tax position and explore available exemptions.
Transfer Duty in Sydney
When you sell or gift your property in Sydney, you may be liable for another type of property tax called Transfer duty, which is calculated based on market value differences at various points in time.
Meeting this tax obligation requires a professional Transfer Duty (previously known as Stamp Duty) valuation to establish the market value accurately at a point in time. At IPV we have the experience and expertise to provide precise market value assessments especially in cases involving related party sales or asset divisions. This not only ensures compliance with legal obligations but also allows your accountant to minimise your overall tax liability. Remember that Transfer duty must be paid within 30 days of a property settlement.
By selecting IPV, you’re choosing a team with decades of experience in property taxes and valuation, specifically tailored to Sydney’s unique market.
We collaborate closely with your accountant to achieve the best tax outcomes, adhering to a strict code of ethics. Our valuers are qualified professionals and active members of the Australian Valuers Institute (AVI) or the Australian Property Institute (API). When it comes to property taxes in Sydney, trust IPV to
help you make informed decisions and optimise your tax position.