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The cost base becomes the market value when it changes from a PPOR to an IP. So obviously the market value would take into account any improvements done before that time. Any depreciation before it becomes an IP is irrelevant. There is no option not to use the market value rule.

As far as I am aware there is nothing in the act that requires a qualified valuer to provide a valuation. You could get a real estate agent to provide a valuation using 3 recent property sales.