Yes but how is the capital gain amount reached? I mean, if I don't get it valued now, then when I sell it in 10 years, won't they calculate it based on its value then rather than the value BEFORE I moved in? Whereas if I get it valued now, then I will know exactly what the capital gain was before I moved in and whatever increase in value there is…[Read more]

So, to sum all of this up (as I seem to be getting conflicting advice from people including my accountant), I definitely don't need to get my investment property valued before I move in there to live for good? And CGT would only be calculated on a percentage basis – so if the property was valued at $300,000 when I first bought it six years ago a…[Read more]

Wow, it actually was my accountant although maybe he hasn't been updated as they used to do it the above way previously right? So if this is the way they do it now, then I guess I don't need to get it valued?

Yes I'm still paying off the loan so will enquire with the bank. My accountant actually suggested I get a valuation before moving in so that I only pay capital gains tax for the amount it was valued at when I moved in (rather than the value after say 10 years of me living in it when it would probably be a much higher value if I were to sell it then).

To answer those questions, my income is $60,000pa of which most of goes towards the investment loan as I have very little other expenses, I currently pay approx $2,300 per month for the loan (the minimum required payment however is much less due to the interest rate cuts since last year) and yes, it's negatively geared. I owe just under $180,000 w…[Read more]