“Higgling, haggling and hassling” at the Grand Bazaar – What is expected of taxpayers to justify market value?
Kerry Hicks
9 August 2024
Market value is relevant for a number of tax provisions including the market value substitution rule in the CGT provisions, the maximum net asset value test (MNAV test), and for state taxes such as land tax and transfer duty. Crucial to the application of the market value substitution rule is whether or not parties have acted at arm’s length.
