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Rosa26(Initiate)Initiate
24 Sept 2023


Scenario:


July 2009: Purchased Property A and moved in immediately.

January 2017: Rented out Property A.

November 2017: Moved overseas.

February 2021: Returned to Australia (maintained Permanent Resident status, and Property A remained rented).

June 2021: Purchased Property B, which became our primary residence.

January 2023: Sold Property A.

Both properties were purchased in the names of both husband and wife.


@Jodie @Bruce4Tax @macfanboy could you please help with my Questions:


Could you please assist with the CGT calculation for 2022-2023?

Does the 6-year exemption apply?

What is the date for the property valuation?

Does the ATO require a professional valuer, or is a bank valuation sufficient?

Looking forward to your response. Thank you.



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297 views
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Bruce4Tax(Taxicorn)Taxicorn
24 Sept 2023

Could you please assist with the CGT calculation for 2022-2023?


CGT is complex, so best to see a local tax agent experienced with property CGT.


Does the 6-year exemption apply?


Yes


What is the date for the property valuation?


When first rented - if 6 years exceeded, even by a few days


Does the ATO require a professional valuer, or is a bank valuation sufficient?


If required, best to go to a real estate agent for a retrospective valuation, because it has to be based on recent sales of comparable properties.

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Most helpful reply

Bruce4Tax(Taxicorn)Taxicorn
24 Sept 2023

Could you please assist with the CGT calculation for 2022-2023?


CGT is complex, so best to see a local tax agent experienced with property CGT.


Does the 6-year exemption apply?


Yes


What is the date for the property valuation?


When first rented - if 6 years exceeded, even by a few days


Does the ATO require a professional valuer, or is a bank valuation sufficient?


If required, best to go to a real estate agent for a retrospective valuation, because it has to be based on recent sales of comparable properties.

Rosa26(Initiate)Initiate
25 Sept 2023

@Bruce4Tax - Thank you for your response.


When first rented - if 6 years exceeded, even by a few days


Date first rented out - 11th Jan 2017

Date last rented - 25th Dec 2022


Given that this falls within the 6-year timeframe, should we be looking at property valuation as of December 25, 2022? Please advise.

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