Hi ATO community,
I was hoping to find out more about retrospective valuation of property for CGT calculation purposes.
Let's say a property was purchased in year 2000 and was lived there as a PPOR for 5 years.
Then it was renovated to add a living area & kitchen, etc. (for the purposes of renting it out)
Then in 2005 it was rented out (as an investment property), and the property is planning to be sold in the next year or so.
- Is the process basically to get a qualified/professional valuer to assess the property value back at 2005?
- How would the valuer actually do this back in time (17 years ago) since they can't see the property?
- How would the valuer be able to factor in the renovations that happened (as it would changed the property value)
- Or is this more or less just part of the valuer's job - and once I get some documentation/certificate with the valuation - then that's what is used for the purposes of CGT calculation?
Thanks!
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3,893 views
2 replies