There are many provisions under the tax laws that may require you to determine the value of something.
The provisions are not uniform and often involve different valuation approaches.
The reliability of valuations is very much dependent on the quality of information and level of detail
provided to valuers. The ATO are now offering a service that that will give you certainty,
fees are payable to the valuer.
You can do it yourself or let us help you
Doing it yourself:
The ATO have a standard instruction form here
Private ruling and valuations fact sheet –
if you want the ATO to determine or confirm the value of the a thing for tax purposes.
Market valuation for tax purposes guide
for guidance on the processes to establish a market value for tax purposes.
Take advantage of the ATO’s tax valuations and ruling the ATO state:
There are several advantages to requesting a market value private ruling as opposed
to obtaining a private valuation.
A market value private ruling:
> gives your greater certainty about your tax matters
> is binding advice that you can rely on
> is completed by a professional valuer and you can be involved in the selection and
appointment of that valuer
> removes the risk of providing us with a valuation that does not meet our requirements,
which could lead to further costs for your.