What is the CGT cost base in this case?

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(Initiate)Initiate

9 May 2022

Hi team,

This is a case where the property was purchased in Sep 2013 as a main residence. It became an investment property in Aug 2016, because the owner moved from Australia to overseas. The property was recently sold, resulting in a capital gain. The owner has a valuation report as of Aug 2016 when the property became an investment property.

What is the cost base for CGT purpose in this case? Would that be the purchase price in 2013 or the market value based on valuation report when it became an investment property?

The owner was an Australian tax resident in Aug 2016, but a foreign tax resident when the property was recently sold.

Thanks.

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