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Capital Gains Tax (CGT) was introduced on 20 September 1985.

The valuation date is critical when undertaking these valuations and may require input from your accountant or solicitor.

Typical events that trigger the requirement for valuations are:

• sale of an asset

• inheritance of an asset

• creation of a trust

• subdivision

Various authorities have the power to acquire land and easement interests either compulsorily, or by negotiation.

It is prudent to obtain professional advice from a valuer experienced in acquisition matters, given the complexities involved. Typically the before and after acquisition values have to be assessed. The Land Acquisition and Compensation Act (1986) is the relevant act for Victoria.

Over and above providing traditional valuation advice we can provide the following services/advice:

• Highest & best use analysis

• Site, or building acquisition

• General consulting

If you are acting as an Executor, or Administrator of an estate a valuation may be required to set a reserve price, or to negotiate a sale/transfer of real estate assets between family members and/or beneficiaries.

In some circumstances, a valuation of the deceased’s real estate assets is required to obtain a grant of probate.

Real estate valuations are undertaken for the Federal Circuit and Family Court of Australia (FCFCOA) in accordance with the FCFCOA (Family Law) Rules 2021 and the Expert Witness Code of Conduct. The Valuers duty is to provide independent expert evidence to the court and not to act as an advocate. Instructions typically come from law firms, as private individuals. As well the courts, the valuation report can be used for mediation purposes.

The Australian Accounting Standards Board (AASB) oversee reporting requirements of businesses in Australia. Australia adopted the International Financial Reporting Standards (IFRSS) on 1 January 2005.

Independent professional advice is provided inline with the following Accounting Standards:

• Inventories

• Fair value measurement

• Non-current assets held for sale and discontinued operations

• Business combinations

• Property, plant & equipment

The Goods and Services Tax (GST) was introduced in Australia on 1 July 2000. If required, retrospective valuations can be undertaken so that the margin scheme can be applied on the sale of a property.

In the event of a partial, or full loss of property assets due to an unforeseen event, we can prepare valuations for insurance purposes. In the case of properties used for primary production impacted by bush fire, or flood events there may input required from an agricultural consultant.

We have over 30 years of experience in providing valuation reports for litigation purposes for all court jurisdictions, including the Federal Circuit and Family Court of Australia (FCFCOA), County & Supreme Courts of Victoria and the Victorian Civil and Administrative Tribunal (VCAT).

Section 18 (1) (B) of the Subdivision Act 1988 enables Councils to request an applicant who proposes to subdivide land, to pay council a percentage of the site value of all of the land in the subdivision. The percentage is set by council and is not to exceed 5%.

This valuation must be undertaken by a qualified valuer.

A rental valuation may assist the landlord, or tenant when entering into a new lease, or when an existing lease has a market review clause.

Prior to selling a property, an independent valuation will ensure that the vendor and other interested parties are fully informed.

You or your accountant may require a valuation of the real estate assets held by your SMSF to satisfy audit requirements.

Generally, the Market Value and Market Rent are required by the fund’s auditors, along with supporting market evidence such as comparable sales and rents, yields and other relevant data.

This is a state based tax administered by the State Revenue Office Victoria (SRO). Valuations may be required by the SRO when related parties are dealing in property.

“Generally the Commissioner will accept a duty valuation prepared by a qualified valuer provided it meets the standards of valuation set by the Australia Property Institute and has identified and valued the full and correct interest in the property (inclusive of all relevant improvements and fixtures) at the required date.”

Succession planning is an important and long term strategy in relation to rural holdings and valuations may be required during that process. Succession planning may trigger the need for CGT valuations, or to ensure that all stakeholders are treated fairly. We have extensive experience in these areas.