Advice for CGT & Valuation

HI All,

I bought the property and sub dived and gave to our parents to build their own home. So now i got 2 separate titles for both properties.

I bought this for 390K and 360K loan. So my parents build the house and moving to this new home end of this month.

Can someone advice how this CGT works for me?

One of the Valuation guy asking $750 for both properties to value? Also asking do i need the conservative or high value? How this effect me?

Cosy
 
Cosy, are your parents names on the title for 'their' block?
Was there a house on 'your' block or did you just split a vacant block?
How long between you buying the property and the sub division?

Gools
 
are your parents names on the title for 'their' block?

Yes

Was there a house on 'your' block or did you just split a vacant block?

Yes my block got a 3bed house and renting now.

How long between you buying the property and the sub division?

buy: 2007
Sub: 2010
 
I don't know if this helps you, but in Brisbane my parents moved some houses into a trust. They had to pay stamp duty and capital gains tax and for both purposes a real estate agent's written appraisal supported by recent comparable sales was all that was needed.

They did not need a costly valuation and the appraisal was free.
 
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