Hi everyone, got a CGT question please help:
I just bought a property for investment purpose, after done some reno where can I get a new higher valuation which I could use for reducing CGT after say 5-10years later when sell it? Thanks!
Don't think getting a valuation would reduce CGT.
What do you mean? are you living in the house?
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Hi Terryw, I'm not living in the property. I'm going to rent out after reno, so CGT would be the difference between the selling price and buying price ? or selling price and the valuation I could get after reno? because the income start after reno, a bit confuse about this. thanks!
I think you will find CGT will be calculated on the sell price less the buy price less any expenses including some expenses you incur on the reno, but not all. I dont think a valuation will be necessary for CGT purposes.
Best to talk to your tax advisor.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Hi Jlillian
Keeping in mind that I’m not an accountant and would always insist that you seek professional assistance, I believe a valuation would only be necessary if you lived in the property and converted it into an IP down the track. If this were the case, then a high valuation at the time it becomes and IP would be beneficial.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
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