Hi,
In 2002 my parents property was transferred to my sister and I under the Granny Flat provisions. No money changed hands, stamp duty on the transfer of the property was paid on the capital value shown on their council rates. A Valuation was made soon after and it was significant higher than the capital value shown on the rates notice and used for the stamp duty calculation. Does anyone know what the ATO would expect or accept as the cost of the property for CGT when no money has changed hands. Obviously we would like to use the higher valuation to reduce the CGT.