How do I calculate CGT on inherited property?

(I'm new)I'm new

7 Aug 2025

My parents build a house in 1974 and it was used as their principal place of residence and in joint names.

My father died in 2005, and my mother inherited his share of the property.

My mother died in 2007, with my brother and I inheriting the property 50% each.

We tried to sell the property but that did not happen and I bought out my brothers share in 2009.

The property was vacant until I assumed ownership of it, and it has been rented ever since

I intend to sell the property this financial year.

I have read the how to calculate the CGT on inherited property but am slightly confused.

Can I confirm:

is the cost base for the property based on the value of the property at my mothers death? or some other time?
is the CGT event calculated from my mothers death? or at some other point
what is the formulae for calculation?
would I be eligible for a partial exemption?

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(Taxicorn)Taxicorn

7 Aug 2025

Nowhere near as simple as that.

Best to go to a local tax agent experienced with property.

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(Taxicorn)Taxicorn

8 Aug 2025

Go to a tax agent to help with the CGT calculation.

is the cost base for the property based on the value of the property at my mothers death? or some other time?

Assuming the property didn't have any major renovation
PreCGT assets lose the PreCGT status on date of death and market value on date of death is cost base element 1. I think you would need to treat the property as if it was three assets for the 2005, 2007, 2009 (2009 would be the amount you paid)

is the CGT event calculated from my mothers death? or at some other point

what is the formulae for calculation?

would I be eligible for a partial exemption?

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