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

Published on 05 May 05 by SOUTH AUSTRALIAN DIVISION, THE TAX INSTITUTE

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 presentation 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

Steve 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 member of The Tax Institute’s State Council and National Council. - Current at 30 August 2017

More by Stephen HEATH

• Maximising the benefits offered by SMSF structures case study and solutions paper - 01-November-2012
• Super in managing primary production paper - 29-August-2011
• Division 7A now paper - 06-May-2010
• Speculating with real property paper - 26-May-2008
• Real property: CGT issues - technical paper - 19-February-2008
• Superannuation - real property paper - 18-September-2007
• Professional practices: setting the scene paper - 31-July-2007
• Simply super - getting it out paper - 04-May-2007
• Superannuation pensions: planning opportunities pre and post 31 December 2005 paper - 21-November-2005
• Stephen Heath's Market value: a vital tax concept paper - 05-May-2005
• Superannuation and Estate Planning seminar paper - 19-August-2004
• Tax Strategies & Superannuation Investments seminar paper - 09-June-2004
• Tax & Succession Planning for Self Managed Super Funds seminar paper - 25-November-2003
• Buying and Selling a Business seminar paper - 09-April-2003
• CGT - examining the events seminar paper - 30-January-2003
• Taxation of SMSF funds - 20-June-2002
• Exit Strategies - 07-June-2001
• Superannuation investment rules : Exposure draft Superannuation Legislation Amendment Bill (No 4) 1999 - 10-June-1999
• Staying on the straight and narrow: superannuation investment rules - 07-May-1999
• Superannuation and Estate Planning - 12-June-1997
• Superannuation and estate planning - 12-June-1997
• Superannuation planning - 01-January-1992
• Superannuation - two months to 30th June 1989 - 01-January-1989

Click here to expand/collapse more articles by Stephen HEATH.