QLD Single Expert witness property valuation

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Barry123

Well-Known Member
27 June 2021
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0
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Hello ,
My ex has asked for property and equipment valuation by a court appointed single expert witness .

I have some questions _
How much different will the single witness expert value be from actual bank values ?
I am unable to find the criteria they value the house on. My thought is if it is a 'trusted court expert ' there must be a strict criteria to follow for valuations ?

What do they take into consideration for plant and equipment values ? My legal rep says they value equipment items as if you need to sell it " tomorrow" . ?

If the property ( rural 120acres ) is valued by a court expert at a certain amount then it is assumed someone pays the capital gains tax (either if it gets sold tomorrow or gets sold in 10 years there is CGT on property over 2 hectares ) .....so in saying this , the property is in my sole name but SHE wants 35% of the value of 'our" assets .... SO shouldn't the ' assumed ' capital gains tax go in the liabilities column . ?

Some food for thought ,

Any answers appreciated .

barry
 

Atticus

Well-Known Member
6 February 2019
1,870
267
2,394
How much different will the single witness expert value be from actual bank values ?
I am unable to find the criteria they value the house on. My thought is if it is a 'trusted court expert ' there must be a strict criteria to follow for valuations ?
They would normally appoint a professional property valuer.... The usual process involves researching recent sales in the area & or comparable property sales, together with other determinate factors, land size & type, if the land can be subdivided etc .... More comprehensive than the bank usually.
What do they take into consideration for plant and equipment values ?
Second hand value only in most cases.
it is assumed someone pays the capital gains tax .... SO shouldn't the ' assumed ' capital gains tax go in the liabilities column . ?
The way I understand it, In the absence of any agreement between the two of you, then if the property is sold to a third party, you both would normally contribute equally to CGT (similar to agents fees for selling the place for example).. If one of you was transferred the property, then that person takes on the whole of the CGT when they sell.... Don't believe it should be listed as a liability for those reasons. Your lawyer should be able to confirm.
 

SRL1

Active Member
6 September 2021
10
0
31
SHE wants 35% of the value of 'our" assets .... SO shouldn't the ' assumed ' capital gains tax go in the liabilities column

This is how it should be IMHO, but courts apparently ignore the deferred CGT liabilities, unless there are plans / arrangements to sell the property in the near future.

So the party who keep the property end up paying the other side a share of the accumulated capital gains, without getting any credit for the other party's share of the CGT liability they are taking on in the process ... not fair, but apparently that's how it is.