Date posted: 29/09/2021

Submission on ATO Consultation Paper Market value for tax purposes

This submission comments on the ATO refresh of its paper on market value for tax purposes

The Australian Taxation Office (ATO) has issued a consultation paper “Market value for tax purposes”.  The consultation paper is meant to be a refresh of the current guide.  

Overall the paper has been well received.  The submission by CA ANZ on this paper makes a number of minor suggestions to the wording.  The major areas that the submission discusses include:

  • who is a professional valuer.  CA ANZ notes that it would be highly unusual for a company director to be a professional valuer unless they had a qualification as a professional valuer
  • valuation reports and who needs to comply with APES 225.
 

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