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The Assistant Treasurer has released the Inspector-General of Taxation’s (IGT’s) report on the ATO’s administration of valuation matters. Valuation requirements have been an area of ongoing concern for taxpayers.
In this report, the IGT identified inherent difficulties associated with the nature and associated costs of valuations.
The IGT made three recommendations for the Government:
- consideration of ways to limit the need for valuations when developing tax law, including shortcuts or safe harbours as an alternative to full valuations;
- consultation on ways to reduce reliance on valuations to access the small business CGT concessions; and
- tapering the eligibility criteria for tax concessions.