Australian Taxation Office provide suitable solutions in transferring real estate to family members or friends. This includes units, apartments, houses, flats, holiday houses, rental properties, vacant blocks of land and hobby farms. Australian Taxation Office offer different solutions for customers to choose in obtaining a valuation from a professional valuer or other details related to supportable data like price.
According to Australian Taxation Office, customers need a market valuation system for selling or gifting property as a capital gains tax event (CGT event). Customers are liable for capital gains tax arises when a CGT event can happen to their property. Even if a person does not receive anything in exchange of their property, they are taken to have received the market value of the property at the time of the capital gains tax event.
In such cases, customers are requested to read introduction to capital gains tax, guide to capital gains tax 2007-08 (NAT 4151), marriage breakdown and transferring of assets and capital gains tax property exemption tool. For further details customers can visit the official website of Australian Taxation Office or talk to of the skilled person there regarding real estate and its transferring process.