CGT on a build

[GetRichSlow]

I could not find my situation exactly in a search here so I'm posting a new thread...

I built a property and lived in it for just over 12 months, then rented it out for 10+ years and have now just sold it (before June 30).
I now need to work out the CGT I have to pay but the question is what is the CGT based on. Is it my valuation I got when I personally moved out or is it based on the total build cost, as follows:-?
Here are the sums:-
Land = $125k, Build = $225, total cost $350k
value after build complete: $450k This was pretty much the same value after we moved out.
Sold prior to June 30 for $490k
This property is overseas in a poor performing Capital Gains area but with great rental returns (Vanuatu).
So, should the capital gain be $490k less $350k = $140k
or would it be $490k less $450k = $40k

 

[Terry_w]

If it was your main residence the value at the date you moved out and made it available for rent will be what the CGT will be based on. but don't forget to take into account all costs no otherwise claimed - interest etc.

 

[Paul@PFI]

I could not find my situation exactly in a search here so I'm posting a new thread...

This property is overseas in a poor performing Capital Gains area but with great rental returns (Vanuatu).
So, should the capital gain be $490k less $350k = $140k
or would it be $490k less $450k = $40k

It depends....Were you as AUS tax resident that whole time ??
If you were non-resident and later moved to AUS the value at the date you moved to AUS may be the cost base. Change of residency can change cost base. Change in currency valuation will also impact.