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datura(Enthusiast)Enthusiast
6 July 2026

Hi,


My sister just sold a property bought in 1985. She lived in the house until 1996 and moved out. The house was never let and was used as family house for parents and other siblings until it was sold.

(1) She engaged some accountant or valuator for an estimated value of the house in 1996 when it was no longer her main residential property. But she was told if she used this estimated value, she would not allow to have 50% CGT discount. Is it true?


(2) In the first five years, my sister spent nearly 25k to renovate the house. Unfortunately, 40 years later no-one knew where all the receipts were. What can she do with this situation?


Kind Regards,

Harry


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3 replies
26 views
3 replies

All replies

YellowPotato(Taxicorn)Taxicorn
6 July 2026

Best you see a tax agent


Double check the contract date of the property?

1. Don't understand why is a valuation needed? It hasn't been rented out

2. Don't know.


I think it would be better to first figure out if pre-CGT asset or not. And figure out how much main residence exemption could be applied and then decide whether or not to apply it. Then worry about these issues

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Will estimated property value in the past forfeit the 50% CGT discount? | ATO Community