Hi All,
I bought property in my home country in 2013 and sold it in Jul2024.
During I owned it, the property was vacant.
I relocated to Australia in 2018 and become PR in 2021.
Pls help me with my questions:
- How to calculate the acquisition cost? was it all the money including all exp I paid when I purchased the property in 2013? Or it should be the market value of the property in 2018 the day I relocate and become a student in Australia? or the market value of the property in 2021 when I got my PR?
- If the answer for question 1 is market value either 2018 or 2021, how to calculate this market value? Can I use the developer company 2018 or 2021 pricelist for the same house? or should we hire a professional valuator in my country to do the valuation either 2018 or 2021 market value of the property?
- I paid legal fees, property agent commission and income tax during the sale transaction, will all these payments be considered as deduction when we calculate the CGT?
- If, I ended up get CGT Loss on this transaction, how will this impact my income tax return this year?
Thank you all for your help!
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