Hi all :
Hope you guys are all doing fine.
I have got a question regarding valuation of property before renting it out. The place where I currently live is my PPOR. However I am planning to rent it out soon. I was told by many to make sure that I get the valuation of my property done before I rent it out in terms of implication on CGT, when I sell it later. I am giving an example.
Suppose I bought my property for 300K. Before renting it out, lets say my property is worth 360K. Then I sell the property after 4/5 years and let us consider it's worth 420K at that stage. So on the first 60K( 360K-300K), I will not be taxed at all. However for the last 60K( 420K-360K), I will be paying for the CGT.
So whats the best way to get this valuation done and by whom? I mean some official document which I can provide to ATO later.
Cheers!
Hope you guys are all doing fine.
I have got a question regarding valuation of property before renting it out. The place where I currently live is my PPOR. However I am planning to rent it out soon. I was told by many to make sure that I get the valuation of my property done before I rent it out in terms of implication on CGT, when I sell it later. I am giving an example.
Suppose I bought my property for 300K. Before renting it out, lets say my property is worth 360K. Then I sell the property after 4/5 years and let us consider it's worth 420K at that stage. So on the first 60K( 360K-300K), I will not be taxed at all. However for the last 60K( 420K-360K), I will be paying for the CGT.
So whats the best way to get this valuation done and by whom? I mean some official document which I can provide to ATO later.
Cheers!