• Records relating to inheritance

    When you inherit an asset you must keep special records.

    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 its market value at the date they died, and any related costs incurred by the executor or trustee. The total of this is the amount the asset is taken to have cost you.

    If the executor or trustee has had the asset valued, ask for a copy of the valuation report. If not, you'll need to get your own valuation.

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

    See also:

    Last modified: 17 Feb 2016QC 22152