A historical, retrospective or backdated valuation is a property value based on a previous point in history. The retrospective valuations are used for:
Retrospective valuation is used for Capital Gains Tax (CGT) that were earned after the 20th of September 1985 for interest properties. The reliance of the CGT liabilities is on the rise in value of the property over time from when it was first bought, or the time it was treated as an investment property to the moment it was first sold. This is why a retrospective valuation is critical.
And this is where our experienced valuers come in, to investigate the idiomatic price of the property at the date in question, to identify historical market value. Getting a historical valuation is not easy and requires some time. Maybe a month to 12 months is required by our professional team. When they are doing a historical research a lot of unique and old properties add new challenges to the process. They have to go through a lot of databases to get the historical market data.
This is why our valuers are very hardworking and diligent, if they weren’t it would take them more than 3 years to get the historical market data. The older the property the harder it is to find the historical market data the harder it is to valuate real estate. With the historical market data we can identify the different years the property was bought, the original price of the property, and the major changes to the property throughout the years.
These changes need to be analyzed. Old historical photos and personal information are valuable and can be of great usage during this process, above all they can be cross-checked with other sources of accurate information.
Metroval Valuations understand how certain notions and circumscriptions need to reflect local Australian taxation laws, and we use the IVS prepared by the International Valuation Standards Council. A property valuation has a meaningful, and important impact on your tax obligations, which is why we try to give you the most accurate and informed report. It is critical that you choose a certified company. Give us a call, we guarantee an independent and accurate valuation.