Trying to work out CGT

[Ryan80]

We built a property in 2007 and lived in it for the first year. We then moved out and put tenants in. We have claimed this as our PPOR until March this year when we brought another PPOR. How do I work out the capital gains? Do I do it from when it stopped being our PPOR in March?

 

[damacc]

Did you get a valuation done when you started to rent out the property?

 

[Ryan80]

No we didn't!

 

[josko]

HI Ryan,

You needed to get a val once you bought another home and
used it as your PPOR. Just get a valuation now, hopefully the market has fallen a bit more in that area since March.

Regards JO

 

[Peter_Tersteeg]

Get a quantity surveyors report done and ask them to include valuation estimates at the date you moved out and at the date you beleive the property is no longer your PPOR. Pass this onto your accountant who will then be able to determine your CGT liablity when you sell.

 

[Ryan80]

HI Ryan,

You needed to get a val once you bought another home and
used it as your PPOR. Just get a valuation now, hopefully the market has fallen a bit more in that area since March.

Regards JO

The house is on the Gold Coast so that's quite possible!