We being a reputed and highly respected valuation company based out of Brisbane can play a useful and proactive role for all those who are in need of retrospective or back dated valuations for various purposes. Though there could be the need for such valuations for different requirements, it is generally needed for the purpose of calculating capital gains tax.
Understanding a bit about Capital Gains Tax is important to have a better idea about these retrospective and backdated valuations. According to the prevalent tax laws in Australia, profit made from sale or disposal of any property that happens after September 1985 is liable for computation of Capital Gains Tax. In fact it not only covers movable property but also includes in its ambit various other assets too that are defined and mentioned in the statute books.
When a customer approaches us for valuations that are backdated in nature, he or she stands to gain in many ways:
- To begin with they get a clear idea about the various important rules governing Capital Gains Tax. There are quite a few exemptions as far as applicability of CGT is concerned. Though the lawyers and advocates of our clients will be able to explain this better, we also try and educate the customers on the same.
- Calculating value of properties with retrospective is not easy. It calls for digging into old information and data. For many valuation companies this could be a problem because they will not have the necessary historical data.
- As we are government approved and registered valuation company, we are in a better position to gain access to relevant and reliable historical database on valuation figures that were applicable at such points in time.
- Further, we have our own government approved ways and means of valuing properties with back-dated effect.
So, all these and much more make us the preferred service provider for such valuation requirements.
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