Business Valuation Document Checklist | Australia

Written by: Sydney Property Valuation Editorial

Last updated: June 2026

Introduction

This checklist sets out the documents to gather before a business valuation. Having the right financial and operational records ready helps the valuer prepare an accurate report and avoids delays. It is written for business owners, accountants, brokers and the lawyers who instruct valuations.

A business valuation may be needed for a sale, a shareholder or partnership dispute, a family law matter, succession planning, a restructure, or tax and reporting purposes. Whatever the reason, the quality of the valuation depends heavily on the quality of the information provided.

This is general information only and is not legal, financial or tax advice. The business’s accountant or adviser should confirm the requirements for a specific matter.

Who this checklist is for

Business owners preparing for a sale, exit or succession
Accountants and business advisers supporting a valuation
Business brokers preparing a business for market
Commercial and family lawyers instructing valuations for disputes or settlements
Insolvency practitioners assessing a business

Why the documents matter

A valuer assesses a business by understanding its earnings, assets, risks and outlook. Reliable financial records let the valuer make appropriate normalisation adjustments (for example, removing one-off items or owner-specific expenses) and select a suitable method. Incomplete or inconsistent records lead to caveats, delays or a wider range of value.

The document checklist

Work through the categories below. Not every item applies to every matter — gather what is relevant.

Financial statements and tax

Financial statements for the last three to five years (profit and loss, balance sheet)
Tax returns for the same period
Most recent management accounts and year-to-date figures
BAS/GST records
Depreciation schedule and asset register

Structure and ownership

Business structure details (company, trust, partnership, sole trader)
Shareholder or unit-holder register and any shareholders’ or partnership agreement
Group structure or related-entity details

Operations and contracts

Major customer and supplier contracts
Lease agreements for premises and key equipment
Franchise, licensing or distribution agreements
Loan agreements and finance facilities

People and intangibles

Organisation chart and key staff details
Details of owner involvement and any key-person dependence
Intellectual property, brands, and goodwill information

Forecasts and context

Budgets or forecasts, with assumptions
Notes on recent or expected changes (major wins, losses, market shifts)
Reason for the valuation and the valuation date

Instruction details to include

When you instruct the valuer, confirm the following in writing so the scope is unambiguous:

The purpose — sale, dispute, family law, tax, restructure or reporting
The valuation date and the interest being valued (e.g. 100% or a minority shareholding)
The intended users of the report (owner, court, ATO, other party)
Any standard or basis required (for example, a court-compliant expert report)

The interest being valued matters: a minority shareholding is not simply a proportion of the whole business, and the purpose can affect the approach.

Common mistakes to avoid

Providing incomplete financials: Gaps force the valuer to make assumptions and widen the range.
Mixing personal and business expenses without explanation: This complicates normalisation.
Forgetting key contracts and leases: These affect risk and transferability.
Not stating the purpose or date: The approach and figure depend on both.
Confusing the value of the business with the value of its assets: These can differ significantly.
Leaving it to the last minute: Assembling several years of records takes time.

Frequently asked questions

Why do you need several years of financials? A valuer looks at trends and sustainable earnings, not a single year. Three to five years of statements and tax returns give a clearer picture and support the normalisation adjustments a valuation relies on.
What are normalisation adjustments? Adjustments that remove one-off, non-recurring or owner-specific items so the earnings reflect what a typical owner would achieve. Clean, well-explained records make these easier and more accurate.
Is the value of a business the same as the value of its assets? Not usually. A trading business is often worth more than its assets because of goodwill and earnings; occasionally it is worth less. The purpose and method determine which applies.
Does the reason for the valuation change the figure? It can. A valuation for a court dispute, a sale, a family law matter or tax may use different bases or standards. Always state the purpose and date up front so the report fits.
What if I’m only valuing a minority shareholding? A minority interest isn’t simply a proportion of the whole business. The valuer considers the specific interest and any relevant discounts or premiums that apply to it.
How long does a business valuation take? It depends on the completeness of the records and the complexity of the business. Assembling the documents in this checklist before you start is the single biggest time-saver.

Professional use note

Accountants, brokers and lawyers are welcome to share this checklist with clients as a general preparation resource before a business valuation is instructed. It helps owners assemble the financial and operational records a valuer needs, reducing back-and-forth and speeding up the report.

This checklist is general information and does not replace advice specific to the matter.

Related services and resources

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