FBTme provides market valuation reports in situations where pricing at similar car parking is not representative of the true value of the parking due to monopoly, specific parking attributes or where parking is not being operated on commercial terms.
Our reports are prepared in accordance with the ATO guidance on market valuation and FBTme is widely recognised as a qualified valuer.
The Australian Taxation Office has been very clear on what is required to prepare a valid market valuation report.
FBTme produces valuations that are aligned and fully comply with the ATO requirements noted below. Our report format is set out to give you clarity and assurance the report meets the relevant criteria.
16.2.5.2 Market value method – details required for a valuation report
A valuation report should include:
– a description of the car space, including the precise description of the location of the work car park valued (either the street address or block and section number)
a list of the car parking facilities on which the valuation is based (with information on locality, grading, price, and weighting)
– the purpose and context of valuation
– the date of valuation
– method or methods used
– the specific value, including the number of car spaces at different car parking facilities valued, and the value of the car spaces based on a daily rate
– information and assumptions used for the valuation
– material risks
– any use of previous valuations
– explanation of material differences between valuation and value of car parking facilities near the work car park or differences between current to previous valuations
– expert reports and the use of experts including sufficient detail to confirm that the expert is sufficiently qualified and they are at arm’s length in relation to the valuation
– the terms of engagement and the relationship between you and the valuer including a declaration stating that the valuer is at arm’s length in relation to the valuation
working papers
– disclaimers and indemnities that affect the valuation process
– the valuer’s details and signature, that is, the full name of the valuer and a description of their qualifications as a valuer.
FBTme facilitates Market Valuation reports Australia wide. Our clients are typically businesses operating in the airline, logistics, services, retail, mining and resource industries. With the new tax ruling TR2021/2 there is a broader need for market valuation to determine fair value of car parking in areas where the parking data is impacted by monopolistic and penalty style conditions.
Contact us to discuss your Market Valuation needs.
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