Market Valuation method for CGT: Australian tax resdient becomes foreign resident

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(Initiate)Registered Tax Professional

11 May 2023

Hi Officers,

Question 1

I was an Australian tax resident when I purchased the property, and I rented out the property after 3 months I became a foreign tax resident. When I sold the property, I am still a foreign tax resident, can I use the market valuation method for CGT calculation?

Question 2

I am also entitled to a CGT discount for foreign residents. If I use the market valuation method, can I still claim the CGT discount for foreign residents?

Thank you in advance.

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