Keep the records of buying, owning and selling a property, and keep any valuation report with them. The ATO says records for buying, owning and selling a property need to be kept for at least five years after you dispose of it. For property held across 30 June 2027, where a value at that date may matter when you eventually sell, that could mean decades.
Good records do two jobs. They help your accountant work out a gain, and they help a valuer show what the property was like on a past date, when nobody can inspect it as it was.
Which property records should you keep?
Start with the records of the purchase, the changes and the sale:
- the contract of sale and settlement statement from when you bought
- plans, building approvals or permits, and occupation or occupancy certificates
- invoices and dates for renovations, extensions, pools and outbuildings
- photos of the property over time, including old sales or rental listings
- rates or land tax notices
- for apartments and townhouses, strata records of any major works
- for rented property, the leases and the rent
- any valuation report, and the date it values the property at
- the contract of sale and settlement statement when you sell.
Your accountant can tell you which records your tax return relies on. The rest of this guide covers the ones that help a valuation.
Which records help a valuer at a past date?
Most CGT valuations are at a past date: the day a home was first rented out, a date of death, the date of a transfer, or just before 1 July 2027 once that day has passed. A property cannot be inspected as it was years ago, so records of what it was like then do the work an inspection would.
| Record | What it helps the valuer show |
|---|---|
| Purchase contract and settlement statement | What was bought, and when |
| Plans, approvals and certificates | The size and layout on the date |
| Renovation invoices with dates | What was there on the date, and what was added later |
| Photos and old sales or rental listings | Condition and finishes around the date |
| Strata records | Major works to the building, for an apartment or townhouse |
| The lease and the rent at the time | How a rented property was let on the date |
Invoices from both before and after the valuation date help. The property is valued as it was on the date, so work done since is taken out of the picture, and the valuer needs to know what that work was.
What if some records are missing?
Gather what you can, and describe what has changed since the date in your own words. If something cannot be found, the report states what the valuer has assumed. A clear assumption is easier for your accountant or the ATO to test than an unexplained figure.
Sales records matter too, and how far back a valuer can go depends on the evidence. In New South Wales, for example, the NSW Government publishes bulk property sales data going back to 1990, and individual sales can be searched back to 2001. For older dates the evidence is thinner, so the valuer may need to look wider for comparable sales, and the report says so.
That is one reason sooner is better. The ATO’s guidance is to get a market valuation of your home when you first use it to produce income, and it says you can arrange one later if necessary.
How long should you keep a valuation report?
Keep it with the other records for the property, for at least five years after you dispose of the property. The date that matters can be many years before the sale. A value at the day a home was first rented out, for example, is used when the property is eventually sold.
The same goes for property you will own on 30 June 2027. A valuation at that date is prepared after the day, and it may be the dividing line between the old and new rules when you sell, which could be decades later. Register free and we get in touch after 30 June 2027, and see the 30 June 2027 change explained.
What should you send with a valuation request?
When you request a valuation, give the address, the date your accountant gives you and the reason. Then send what you have:
- a list of changes since the date, such as renovations or an extension, with approximate dates
- plans and approvals, if you have them
- photos or old listings from around the date
- for a rental, the lease and the rent at the time
- your accountant’s details.
Records sent early speed the work up: see how long a CGT valuation takes. A desktop valuation works from sales evidence and your records without a visit: see desktop or inspected.
For the situations behind each date, see home becomes a rental, inherited property, property bought before 1985, SMSF property and retrospective valuations. Accountants can see for accountants. Fees are on the pricing page, short answers are on our questions page, and terms such as cost base are in the glossary.
We value property. We do not give tax advice. Your accountant decides which records your tax return relies on.