Backdated date of death valuation

Discussion in 'Accounting & Tax' started by Directproperty, 27th Jul, 2021.

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  1. Directproperty

    Directproperty Active Member

    Joined:
    26th Jun, 2015
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    Location:
    Adelaide
    I sold an inherited property last year and got no money from the sale and now need to work out CGT. What are the options in getting a date of death property valuation back in 2006? I have a formal valuation from 2008 when the estate was being settled but accountant has requested a 2006 value. I have done my research on old sales but can only come up with 2008 values (when estate settled). There isn’t a lot of comparable sales in 2006 because people were only buying land and building in the area in 2006. My accountant has said you can’t really use your own research for CGT but I’m sure I saw on the ATO website that you can, as long as you have evidence. Oh, and the original valuer is not answering my calls or emails so can’t really get a 2006 valuation from him! What can I do? Has anyone been in a similar situation? Did you use your own rough valuation? Also, has anyone completed their own tax return when they have had to work out CGT for a sold property? I’m wondering whether I should have just done it myself. Thanks.
     
  2. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    Australia wide
    engage a valuer.
     
    wylie likes this.
  3. Scott No Mates

    Scott No Mates Well-Known Member

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    Historic valuations aren't rocket science, this is bread & butter work for valuers.
     
    Paul@PAS likes this.

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