- Units in a unit trust are CGT assets in their own right, separate from the assets the trustee holds.
- The trust's business and net assets are valued first, then the units held, applying the rights set out in the trust deed.
- Different classes of units, unpaid amounts and loans from unitholders can all change what a unit is worth.
- From 1 July 2027 both the trust's own assets and units held by individuals or trusts may be relevant under the new rules; your adviser decides.
- We value the trust's business and the units; your accountant or tax adviser decides the tax treatment.
How a unit trust holds a business
In a unit trust, a trustee (often a company) owns the business and its assets on behalf of the unitholders. Each unitholder's share of income and capital is fixed by the units they hold and the terms of the trust deed.
For CGT, two different things can need a value:
- the trust's assets, such as its business and goodwill, when the trustee sells, transfers or is treated as selling them
- the units, when a unitholder sells, gifts, transfers or is treated as disposing of them
This page is mainly about the second. The first is a business valuation like any other: see goodwill valuation for CGT.
Two steps: the trust, then the units
Step 1: value the trust's business and net assets. For a trading trust, the business is usually valued as a going concern on its maintainable earnings, with cross-checks to market evidence. Surplus assets are added and debts are deducted, including loans owed to unitholders.
Step 2: value the units held. The net value is then applied to the specific units, reading the deed for:
- classes of units with different rights to income, capital or votes
- partly paid units, or amounts still owing on units
- redemption terms, and how the deed says units are priced on issue or redemption
- who controls the trustee, which can be different from who holds most units
- transfer restrictions and pre-emptive rights in the deed or a unitholders' agreement
A unit redemption price in the deed is not necessarily market value for tax. The report explains the difference if one exists.
Size of holding
As with company shares, what a holder can decide affects value. A unitholder with enough units to remove the trustee or wind up the trust has power a small holder lacks. Depending on the purpose and the facts, a valuer may apply a discount to a minority parcel for lack of control or marketability. There is no standard rate: any discount must be explained by reference to the deed and the evidence. See private company shares for more on control and minority.
Where a unit value is needed for CGT
- transferring units to family or a related entity, where market value usually replaces the price
- a unitholder leaving Australia: see leaving Australia
- a deceased estate: see deceased estates
- the small business CGT concessions, where the trust's assets and its connected entities may be counted
- 30 June 2027, where the trust's own assets and units held by individuals or trusts may be relevant: see trusts and 30 June 2027
Your accountant or tax adviser confirms what is being valued and at what date.
What the valuation report covers for this purpose
The report identifies the trust, the trustee, the units and their class, the holder, the valuation date and the purpose. It sets out the standard of value (market value), how the trust's business and net assets were valued (method, earnings, adjustments, surplus assets and debts), how that value was applied to the units, the relevant terms of the deed, any discount and its reasons, market evidence, assumptions and limitations. It is signed by the valuer responsible. We follow the APES 225 guidelines on valuation services.
What we need from you
- the trust deed and every variation
- the unit register at the valuation date, showing classes and amounts paid
- any unitholders' agreement
- the trust's financial statements and tax returns for three years
- management accounts close to the valuation date
- unitholder loan accounts and details of assets not used in the business
Get a fixed fee
The fee is fixed by the annual revenue of the trust's business, starting at $1,495 + GST for revenue under $1 million. Use the price tool below, or see pricing for every band.
General information only, current at 10 November 2026. We value businesses and business interests; we do not give tax advice. Your accountant or tax adviser decides whether a rule applies to you.