Hi all,
I'm planning to move from my current PPOR to my IP and convert my PPOR to IP. Can you please confirm on the following?
1) I should get a valuation for the purpose of CGT for my current IP that I'll be moving into?
2) The valuation should be done on the date of the conversion? Would ATO mind if the valuation was done 1-2 week prior to the conversin?
3) I don't think a valuation is needed for my current PPOR, which will be converted to an IP. The reason being that the CGT when the propert is sold will not be based on the valuation of the property when it's converted to an IP, but rather the % of time it was an IP. Pls correct me if I'm wrong.
Thank you.
I'm planning to move from my current PPOR to my IP and convert my PPOR to IP. Can you please confirm on the following?
1) I should get a valuation for the purpose of CGT for my current IP that I'll be moving into?
2) The valuation should be done on the date of the conversion? Would ATO mind if the valuation was done 1-2 week prior to the conversin?
3) I don't think a valuation is needed for my current PPOR, which will be converted to an IP. The reason being that the CGT when the propert is sold will not be based on the valuation of the property when it's converted to an IP, but rather the % of time it was an IP. Pls correct me if I'm wrong.
Thank you.