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Stephen Heath's Market value: a vital tax concept paper


The income tax legislation regularly defers to a conception of market value in the determination of tax liabilities. At the same time there is no assistance under the legislation as to how market value is ascertained. This paper approaches the issue by reference to valuation principles with a view to providing guidance to taxpayers on how to safely self assess value, including:

  • when does the Tax Act use 'market value' and what does the Tax Act/case law tell us 'market value' is?
  • the CGT market value substitution rule
  • the practicalities of retrospective determination (deceased estates and Div 149)
  • dividing intangible values from a taxation perspective
  • is the value of the asset the sum of its composite parts?
  • definition of 'market value' from a valuation perspective
  • key valuation parameters and valuation approaches
  • integrity of valuations
  • valuation processes
  • dividing intangible values from a valuation perspective
  • valuation problems:
    • goodwill
    • investment/market value
    • shares in private companies
    • minority interests.

Author profile

Stephen Heath CTA
Photo of author, Stephen HEATH Stephen Heath, CTA, is a Partner in the Taxation & Revenue section of Wallmans Lawyers, with his principal practice areas being superannuation and tax. He also works on general commercial matters with a focus on tax planning, business structuring and insurance. Steve is a recent past member of The Tax Institute’s State Council and National Council. - Current at 08 July 2019
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