I purchased an investment property in August 2016 for 505k with the intention of it becoming my principle residential property at in the future. At the time of purchase my conveyancer advised me to get a property valuation done when I moved in as this is what capital gains tax would be calculated on. Family members also used a property valuation at time of investment ceasing & becoming residence for calculating CGT in 2012.
Have the rules changed since then?
I moved into investment property in July 2019 & had it valued at this time ($510k) Then sold in April 2020. My tax agent is saying that I must pay CGT based on sold price despite living in home for 8 months before sale and extensively renovating home to increase sale price (565k) Tax agent says valuation is irrelevant (aka I wasted my money and am now looking at owing the ATO a lot more than expected). Is tax agent right?