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Valuations for CGT (Capital Gains Tax)

RETROSPECTIVE PROPERTY VALUATION REPORTS BY LOCAL VALUERS

VIC | QLD| WA

What is a Retrospective Property Valuation Report?

 

Retrospective valuation reports or backdated valuation reports are essential for many accountants and financial advisors. Independent Property Valuers conduct these reports to help estimate your property or asset's market value as of a specific date in the past. They are often used for taxation or accounting purposes, such as calculating Capital Gains Tax (CGT), determining the value of an estate for probate, or assessing the value of an asset for financial reporting purposes. 

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Financial Graphs

 

Examples of when a retrospective property valuation report or backdated property valuation report is needed include:

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  1. Financial Reporting: When a company is preparing its financial statements, it may require a retrospective market valuation report to determine the fair value of its assets and liabilities as of a specific date. This report can provide insights into the company's financial performance and position.

  2. Taxation: As mentioned above, when calculating CGT, a retrospective property valuation report may be required to determine the value of a property or asset, such as plant and machinery, at a specific date in the past.

  3. Family Law Matters: During divorce proceedings, a retrospective property valuation report may be needed to determine the value of assets at the time of separation. This report can assist in property settlements and asset division.

  4. Litigation: In legal disputes, a retrospective property market valuation report may be required to determine the value of an asset or property at a specific time in the past. This report can help to resolve disputes related to property or financial assets.

  5. Estate Planning: When an individual is creating an estate plan, a retrospective property valuation report may be required to determine the value of assets at a specific time in the past. This report can help with the distribution of assets and inheritance planning.

  6. Insolvency: In insolvency proceedings, a retrospective market valuation report may be needed to determine the value of assets at a specific time in the past. This report can assist in determining the value of the assets available for distribution to creditors.

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These reports can be incredibly helpful in ensuring accurate financial reporting and making informed decisions about assets and properties. A Retrospective property valuation report considers historic market conditions and factors that may have affected the value of the property or asset at the specific point in time being evaluated or valued and often involves careful analysis of sales of properties or assets, land and buildings.

 

Typically, a thorough analysis of the property or asset includes the following:

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  • Location, accessibility. Commercial properties desire street frontages and ample foot traffic, while residential properties often prefer quieter areas away from too much traffic, such as cul-de-sacs.

  • Aspect, a good outlook or views can be incredibly valuable - sometimes worth millions of dollars! Or even just a glimpse of the water or a park can add value.

  • Land, shape and size. This is important as it may affect its highest and best use.

  • How big your house or building is, the quality of your fixtures and installations. Keep a detailed record of your expenses to inform the property valuer how much you've spent on certain high-value items. 

  • Plant, equipment and machinery, if any. Keep an active, up-to-date asset register to save time and costs when engaging a plant, equipment and machinery valuer.

  • Condition of your property, internally and externally.

 

The property valuer will then compare your property to comparable historical sales, market data and trends to estimate the value of the property or asset, such as your house or investment property, plant and machinery, as of a nominated point in time agreed with your accountant. 

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If you require accurate retrospective market valuations of your property in the Melbourne Metro Area, Geelong, and Regional Victoria, Delphi Property Consultants & Valuers are your property valuers. Retrospective market valuation reports are crucial for various purposes, including taxation, accounting, and legal matters. 

 

Delphi's team of experts possess the necessary qualifications, knowledge and experience to conduct a thorough analysis and provide an accurate retrospective market valuation for you. This information is essential for making informed financial decisions and meeting legal and regulatory requirements, such as Capital Gains Tax (CGT).

 

For more information, contact us here, or call (03) 9706 7940 to chat further. 

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