Getting market value right for taxation purposes

  A century on from the High Court’s landmark decision in Spencer v Commonwealth1, Simon Dorevitch sheds light on the term “market value” and its implications for tax purposes. Under Australia’s tax laws, taxpayers are frequently required to determine the market value of an asset or liability. The Inspector-General of Taxation found that there are

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Asset valuations and the contribution caps

Asset valuations and the contribution caps are both contentious issues, with many SMSFs failing to regularly update their asset valuations and some auditors turning a blind eye. And SMSF auditors who do the wrong thing in relation to valuations may also find themselves facing action by ASIC. The new contribution caps require that assets of

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