First time posting, the situation is an inherited property that was not PPOR or rented out, used as holiday home by family only. Purchased Dec 1995, inherited 2002. Property sold this year. Unfortunately when the family home was sorted and cleaned out in 2003, very limited evidence of capital expenditure/repairs was kept of the property in question. All receipts are available after 2002. My question is regarding a pergola that was erected in 1998 and water tank purchased in 1998. Does anyone have any experience with what evidence the ATO requires to substantiate how the cost of these items (1998) is estimated now, to add to cost base, considering there are no actual receipts available. This is for the capital gain calculation. Thank you for your time.
Welcome The ATO would disregard any cost in the absence of reasonable evidence. However if there was a QS report it may be sufficient to act as a reasonable basis for the cost but is not in itself adequate as substantiation. I suspect there isnt a QS report anyway, since no deductions were likely to be claimed. The other ""difficult" one will be third element costs. eg rates, insurance,. land tax (?) etc for ownership since acquisition. These costs are likely third element costs as no deduction was claimed. Based on experience you can go back to council etc and they might have historical information but may charge a fee for retrieval. If they have a rates (not water / sewer) account print that may suffice v individual notices. I had success with that in a ATO matter that ended up on appeal and the AAT accepted this.
