Gold bullion was purchased in small lots over a period of approximately 10 years from 1999 onwards. We have no records of any purchase costs and unable to obtain any records from brokers or bank. Can we use the average market value of the Gold Bullion in the year it was first purchased to calculate the capital gain, or is there another method that can be used to determine the cost base or do we have to report cost base as zero?
Hi @SB2,
If you don’t have records of the purchase price, you can reconstruct the cost base using reasonable estimates. For example, you can use the historical market prices at the time you acquired the gold or bank statements that show withdrawals at the time you bought.
You don’t have to report the cost base as zero if you can make a reasonable estimate but you’ll need to keep a record of how you calculated the average.
We have a CGT calculator and record-keeping tool to help you estimate your cost base and track your gains
15 Apr 2026 · 4 min read time
15 Apr 2026 · 8 min read time
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