ATO warns taxpayers on the risks of not using qualified valuers

The ATO has published information warning taxpayers who undertake their own valuations – or use valuations from people without adequate qualifications – that they risk incorrectly reporting their tax and may therefore become liable to pay administrative penalties.

The ATO also state that the majority of taxpayers who use a qualified valuer or equivalent professional for taxation purposes will generally not be liable to a penalty if they have provided the valuer with accurate information where the valuation ultimately proves to be deficient.
The ATO has developed an optional “instruction form” for use when obtaining valuations.