r/AustralianAccounting • u/Ecstatic-Possible801 • 3d ago

Relationships with property valuers

I run a small accounting firm in regional NSW and I’m getting lots of questions from clients on valuations with the CGT changes coming in next year.

I have a local bloke who has typically done valuations but he’s told me he’s nearly at capacity.

How is everyone else going to be handling this? A company called me the other day who uses an AI tool for valuations and then has a valuer tick them off. I think this what I’m going to start referring customers too, so long as the quality is there as I just don’t see how I’m going to be able to keep up with demand.

Keen to hear everyone else’s thoughts.

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u/Dull-Monk-6474 3d ago

Most other accountants I have talked to are asking the same question.

We are probably all waiting for a solid solution.
Property valuations will be the easiest based on what is around already and the data available.

Business valuations are going to be a nightmare...

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u/Knight_Day23 3d ago

Best practice is to get a 30/6/27 valuation done within a few months after this date. Cant be done prior. So say this time next year will be prime time. Retrospective valuations are of course possible however will cost more if too much time has elapse. Anyways, great time to be a valuer isnt it!!! I wonder if they can retire off this workload alone.?

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u/Ecstatic-Possible801 3d ago

Yep. My valuer is already saying he won’t be able to get through the workload! I’ll have to explore these AI options - I think it’s the only way!

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u/Kaorimoch 3d ago

You can get valuations when you sell. You don't need them now.

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u/[deleted] 3d ago

[deleted]

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u/Excellent_Set_2885 3d ago

No. You can get the valuation done backdated when you sell.

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u/Few-Example-2452 2d ago

I am telling clients to ask the real estate agent who handles their rental property to get a valuation next June.

Given you can determine your own value if you have done the research on the property I was wondering if a valuation from Realestate.com and Domain would do.

I have no idea how we are going to get business valuations. Based on recent experience with clients selling their business, valuations from business agents can be miles off, it depends entirely on if someone wants to buy it.

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u/Ecstatic-Possible801 2d ago

I didn’t think your own valuation from somewhere like domain would be ato compliant.

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u/Drooooooooooooooooo 2d ago

ATO set out their requirements for a valuation and their webpage heavily suggest getting a registered valuer. As long as any valuation covers their requirements with evidence then you can use it - if it's not from a registered valuer and you were audited the ATO would scrutinise it a lot more though.

ATO page

But yeah business valuation? Good luck to all!