Search results

3. One of the most common reasons you CANT use the valuation basis is when the former PPOR becomes a income producing property yet the 6 year main residence exemption absence rule is used. Lets say you live overseas or interstate in rented accom. Its not automatic just because its a former...

When it first is used to produce income. That doesn't mean the first date it rented. Its the date it becomes available to rent ie first USED to earn income. Typically date you move out. However.... If there is along gap between date moving out and first rent seek tax advice. The valuation...

1. You would need to seek expert valuation opinion to comply with tax law obligations to determine the value. This is explained in the ATO document I uploaded. The taxpayer who doesn't self-assess may need to then seek expert opinion. That cost would be deductible. BTW The 1970 property example...

Sometimes a formal valuation is needed (eg a May12 non-resident property valuation). However in general CGT matters tax law doesn't say that a qualified valuation is needed. The taxpayer may be obliged by tax law to determine what the market value is and can reasonably use whatever means they...

A formal valuation is NOT needed for tax purposes. Its an unnecessary cost. The taxpayer can use agent opinion or own research etc. Its wise to retain this information in writing and your view on the magic number with your tax records as in time you will forget. Common question : If I get...