From the archive: with no new column this week, we've gone back to the reader mailbag in Noel Whittaker's July 2026 newsletter — because the questions in it are the ones people are still asking.
The proposed capital gains tax (CGT) changes have a date attached to them: 30 June 2027. From then, the way gains are worked out shifts, and the cost base of many assets is reset to what they were worth on that day. Understandably, readers wrote in asking the same thing in different ways — do I need to do something now?
The answers are calmer than the headlines. On valuing a property for that reset, Noel Whittaker's view is that most people don't need to spend heavily on a formal valuation. A well-documented written appraisal from an experienced local agent, kept with the sales evidence it was based on, should do the job. Nor does it have to be dated exactly 30 June — one done shortly afterwards is fine if it clearly relates to that date. And if you leave it too late, a registered valuer can still produce a historical valuation down the track.
For anyone running a self-managed super fund (SMSF), there was no form to lodge this financial year; the election is notified with the 2026/27 tax return. Outside super, you can't reset a cost base without actually selling. And assets bought before September 1985 — pre-CGT assets — stay tax-free if sold before 30 June 2027, after which their cost base resets to the 2027 value.
If you're in your 40s or 50s with a rental property, a share portfolio or a family home that was once rented out, the practical takeaway is unglamorous: get your records in order. Values are cheap to document today and expensive to reconstruct years later.
“A detailed written appraisal from an experienced real estate agent should be sufficient.”
Read the full article: Your questions answered, Noel News July 2026 — Noel Whittaker, Noel News, July 2026.
Tax, timing and what happens to assets when they change hands is the heart of Wills, Death & Taxes Made Simple by Noel Whittaker. It walks through capital gains tax, estates and the paperwork families wish they'd sorted earlier, in plain English. You can buy direct from the author for $22.95, and you'll get both PDF and EPUB formats to read on any device.
This article is general information only and doesn't take account of your personal circumstances. Figures are current at time of writing and change each financial year. Consider seeking advice before acting.