Dear ATO officer,
I have a client who held an foreign property outside of Australia since 2012 until 2023. This foreign rental property was this client's main residence for the period of 2012 to 06/2022 and it was rented out for earing rental income since 07/2022. This foreign property was sold in Jun 2023. For calculating the CGT, we have to know the market value of this property in 07/2022 as it is the first date that the tax payer earning rental income from this foreign property.
So my question is, is there any instructions or ATO rulings about how could the taxpayer get a market valuation of a foreign property for ATO tax purpose? It seems like a certified valuer in Australia cannot do this.
Kindly Regards,
Emily
954 views
954 views2 replies
2 replies
954 views
2 replies