New capital gains tax rules will require some properties to have a market value established at June 30, 2027, so that gains accruing before and after July 1, 2027 can be calculated. The change has prompted confusion among property owners, who have reported hearing conflicting advice about whether to arrange a valuation early or wait.
An Australian Taxation Office spokesman told the Sydney Morning Herald and Brisbane Times there is no need to rush. According to the ATO, a prospective valuation prepared before the specified date will not be accepted for tax purposes. Instead, a retrospective valuation can be obtained later.
In many cases, the ATO said, a retrospective valuation may be preferable because the valuer will have access to a broader range of records and comparable sales around the relevant date, allowing for a more informed assessment.
The advice comes as property owners also seek clarity on whether a registered valuer is required for the process. The ATO's guidance suggests that while a retrospective valuation is acceptable, property owners should ensure they follow any specific valuation requirements under the new rules.