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Value shifts change the relationship between the market value and tax value of an asset. Most value shifts happen when parties don't deal at the market value, causing one asset to decrease while the other increases. Value shifts occur in the form of:
Without a value-shifting regime in place there can be artificial
losses and deferred gains. Where the General Value Shifting Regime
(GVSR) applies, you may need to adjust the tax values of an interest
affected by the value shift, or adjust a realised loss or gain. In some
cases there may be an immediate capital gain.
In general, the GVSR does not apply to small value shifts or dealings within consolidated groups.
MORE: Click here to see whether GVS affects you.
MORE: Click here to access a Guide to the GVSR.