Introduction to capital gains tax

Records relating to inheritance

When you inherit an asset you must keep special records (this does not include pre-CGT assets - assets you inherited before 20 September 1985).

If it was a pre-CGT asset for the person you inherited it from (that is, they acquired it before 20 September 1985), you need to know the asset's market value at the date they died, and any relevant costs incurred by the executor or trustee. This is the amount the asset is taken to have cost you. If the executor or trustee has a valuation of the asset, ask for a copy of the valuation report. If not, you will need to get your own valuation.

If it was not a pre-CGT asset for the person who died, you may need details of all relevant costs they incurred as well as those incurred by the executor or trustee. The executor or trustee should be able to give you those details.

Since 21 August 1996, if you inherit a house that was the 'main residence' of the person you inherited it from, you may be able to claim a full CGT exemption for it. If you can't, you will need the market value of the house at the date of their death and details of all relevant costs incurred after that.

Capital gains tax - home

Sections within Acquiring and owning CGT assets

• Date of acquisition
• Joint ownership
• Record keeping for CGT
• Records relating to inheritance