Why you shouldn’t rush to value your property ahead of 2027 tax change

Under the new capital gains tax rules, some properties may need a market value established at June 30, 2027 so that gains accruing before and after July 1, 2027 can be calculated. Given the huge number of properties potentially involved and the relatively small number of valuers, should property owners arrange a valuation before June 30, or will the tax office accept a retrospective valuation done later? We are confused because we have heard two different views.

Furthermore, do we need a registered valuer? An Australian Taxation Office spokesman tells me there is no need to rush out and have your property valued before June 30, 2027. In fact, if you intend to rely on a market valuation, you should not obtain one now. A prospective valuation – one prepared before the specified valuation date – will not be acceptable.