hi guys.... I havent been on here for a while as my steam for property investment has slowed down and we are considering selling our IP to pay off our PPOR and then just see what comes next... I need some help with calculating the CGT payable upon sale of this IP which was once our PPOR.
Here are the numbers:
Property is in both mine and husbands name and we both work.
Purchase land in Sept 2001, built and occupied home in Sept 2002. Total cost was $435000 (not including SD and legals).
Lived there until Jan 2007 when we rented it out. Did not get a val done until Nov 2008.
We rented until Nov 2008, and bought another PPOR at that point.
6 years was up in Jan 2013. Got a market appraisal for $780k (no sworn val done). Bank Val done in May 2013 for $850k.
Will be put on market on 1 Sept 2013.
Assume sale takes place 1 Oct 2013 2013 for $870k.
How do we calculate CGT payable seeing there is no vals done when it became IP, and latest val is 4 months post the 6 year mark. Also, we are happy to forfeit main residence status on our current PPOR for the 5 years between Nov 2008 and Oct 2013.
Waiting for ATO to return my call so I can discuss the situation with them.
Here are the numbers:
Property is in both mine and husbands name and we both work.
Purchase land in Sept 2001, built and occupied home in Sept 2002. Total cost was $435000 (not including SD and legals).
Lived there until Jan 2007 when we rented it out. Did not get a val done until Nov 2008.
We rented until Nov 2008, and bought another PPOR at that point.
6 years was up in Jan 2013. Got a market appraisal for $780k (no sworn val done). Bank Val done in May 2013 for $850k.
Will be put on market on 1 Sept 2013.
Assume sale takes place 1 Oct 2013 2013 for $870k.
How do we calculate CGT payable seeing there is no vals done when it became IP, and latest val is 4 months post the 6 year mark. Also, we are happy to forfeit main residence status on our current PPOR for the 5 years between Nov 2008 and Oct 2013.
Waiting for ATO to return my call so I can discuss the situation with them.