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Retrospective Property Valuation

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Hi,

I bought my PPOR in 2007 and has been rented out since 2017. Am in the process of selling the property. From a CGT perspective, am asked for the valuation of the property in 2017.


Can you please advise the cost effective way to get this?

 

Thanks!

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Hi @Krishna_rsk

 

Thanks for your post.

 

It sounds like you were treating the property as your main residence from 2007 (when your purchased it) through to 2017 (when you started renting it out). In turn, for CGT purposes you're generally taken to have acquired it at the time you started renting it out.

 

This means that you will need to determine what the property's market value was in 2017 so that you can work out your capital gain or loss. For more information about the value of home when first used to produce income, check out our website.

 

For CGT purposes, the acceptability of a valuation usually depends on the valuation process undertaken rather than who conducted it. For more information about who may undertake a market valuation, once again refer to our website.

 

Hope this helps.

 

Thanks, ChrisR

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Most helpful response

ATO Certified Response

Community Moderator

Replies 0

Hi @Krishna_rsk

 

Thanks for your post.

 

It sounds like you were treating the property as your main residence from 2007 (when your purchased it) through to 2017 (when you started renting it out). In turn, for CGT purposes you're generally taken to have acquired it at the time you started renting it out.

 

This means that you will need to determine what the property's market value was in 2017 so that you can work out your capital gain or loss. For more information about the value of home when first used to produce income, check out our website.

 

For CGT purposes, the acceptability of a valuation usually depends on the valuation process undertaken rather than who conducted it. For more information about who may undertake a market valuation, once again refer to our website.

 

Hope this helps.

 

Thanks, ChrisR