If you are an Australian property owner, there are several instances in which you may need to obtain a retrospective valuation of your properties.
The most common reason is capital gains tax (CGT), but there are other circumstances that may also require a retrospective valuation.
- Separation from a spouse: the value of investment properties must be identified on the date of official separation for distribution purposes.
- Inheritance of properties in a deceased individual’s estate: the value of the property must be identified on the date of the deceased individual’s death for distribution purposes.
In each of these circumstances, a backdated property valuation has a significant impact on property owner’s tax obligations, so you’ll need to obtain accurate valuations from an experienced Certified Practising Valuer.
The process involves the examination of historical sales data for the subject property over a specified period, with consideration given to relevant market conditions at that time. The resulting report will provide evidence to support the current market value of the property during the period under review.
A prospective buyer or seller may require such a report to gain an understanding of what similar properties have sold for over time, allowing them to make an informed decision on their purchase or sale price.
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