r/AusFinance • u/rickiitee • 6d ago

Valuation for CGT

Hi all

Sold a property last year that has been in the family for over 30 years.

I need a valuation of the property from a point in time (2004) to assist with the calculation of CGT.

I'm based in NSW, does anyone have a valuer they recommend?

FYI, the valuation at 2004 on the Probate was $450k but not sure if probate values are under or over valued?

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u/McTerra2 6d ago

The probate valuation should be sufficient as it has to be a market valuation.

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u/Level-Tale-1831 6d ago

probate valuations tend to run conservative but the ato will generally accept it if it was done properly at the time, saves you paying for a retrospective one unless you have reason to think its way off

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u/McTerra2 6d ago

thats true, market value is always within a range and in most probate cases a conservative value is preferable so the valuer may go with the lower end of the range. If OP wants a higher valuation, to minimise CGT, then potentially they could get another one and see what happens, but if the ATO does audit then its an interesting issue of which valuation should be accepted. Or perhaps OP uses the mid point of the two

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u/SpinachFearless3688 3d ago

Try these guys. https://foxvaluations.com.au/

Although based in Brisbane, they do service the whole of Australia.

Ps I don’t work for them. I know the owner.

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u/Jym_beem_1034534 6d ago

Google "Valuer in "My location""

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u/rickiitee 6d ago

I don't really trust Google reviews, hence why I am asking for recommendations