Tax probe on asset worth
- {{x.value}}
{{ twilioFailed ? 'SMS Code Failed to Send…' : 'Enter verification code' }}
{{ completedStep1 ? 'Authentication & Security' : content.trialHeading.replace('{0}', user.FirstName) }}
{{ content.upgradeHeading.replace('{0}', user.FirstName) }}
The email address you entered is registered with InvestSMART
Please login to continue
We have sent you an email with the details of your registration.
Looks you are already a member. Please enter your password to proceed
{{ upgradeCTAText }}
Updating information
Please wait ...
Your membership to InvestSMART Group recently failed to renew.
Please make sure your payment details are up to date to continue your membership.
Having trouble renewing?
Please contact Member Services on support@investsmart.com.au or 1300 880 160
You've recently updated your payment details.
It may take a few minutes to update your subscription details, during this time you will not be able to view locked content.
If you are still having trouble viewing content after 10 minutes, try logging out of your account and logging back in.
Still having trouble viewing content?
Please contact Member Services on support@investsmart.com.au or 1300 880 160
Please click on the ACTIVATE button to activate your Intelligent Investor 15-day free trial
Please click on the ACTIVATE button to finalise your membership
Unsuccessful registration
Registration for this event is available only to Eureka Report members. View our membership page for more information.
Registration for this event is available only to Intelligent Investor members. View our membership page for more information.
- You are already registered for this event.
- This event is already full.
- Please select a quantity for at least one ticket.
- {{ i }}
Forgotten password
Please enter your email address below to request a new password
- Verify your email address by clicking on the link we sent to {{user.Email}}
- You now have free access, we look forward to helping you on your financial journey.
All sorts of assets including land and property, plant and equipment and intangibles, such as intellectual property and rights, have to be priced at "market value" for capital gains and other tax purposes.
The Inspector-General of Taxation, Ali Noroozi, has launched the inquiry after receiving complaints from small business owners about the way the Tax Office handles the requirement.
"The main source of concern is the compliance burden," he told BusinessDay. "But the other problem is there is no definition of market value. What one valuer decides might be quite different to what another valuer decides.
"Taxpayers have to self assess, they have to determine what the market value is. But some time down the track the Tax Office might audit them. For example, the taxpayer might say a table is worth a million dollars. Later the office might say it's only worth $5. That's a bizarre example, but the risk is that even bringing in an outside valuer may not provide protection.
"While market value is a great economic concept, on a practical level it causes lots of difficulties."
He has asked for submissions by December 20.