We are assessing removing two NSW IP's from a property investor trust, and understand this will trigger stamp duty and CGT. The reason for this move is to allow one property to be PPR with no CGT implication and for family succession. I understand the sale must be at market value........Does this require a professional valuation or will market evaluation and comparison satisfy ATO requirements. Cheers Wayne
A sale doesn't have to be at market value. But income tax laws will mean the market value of the property will be what it is assessed on. And for other legal reasons the transfer should be done at market value. I would suggest you get a copy of the bank's valuation report and use that.
