This is a tax question that requires more information:
- you dont always acquire the property at market valuation, sometimes you inherit the cost base of the deceased, it depends on how it was used by the deceased person prior to your inheritence.
- for arguments sake, if you do acquire it at market value, there are no strict guidelines regarding valuation from the ATO, but it is expected that the market value used is quantifiable. This might come from a licenced property valuer. A retrospective valuation can be completed, consider engaging one now to come up with a valuation for you. Was the property sold by a real estate agent? They may also be able to assist.
