CGT

Viewing 9 posts - 21 through 29 (of 29 total)

« 1 2

Terryw
Participant
@terryw
Join Date: 2001
Post Count: 16,213
September 12, 2010 - 10:00 am
When the auditor asks for a copy what will you do??
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email Me
Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Terryw
Participant
@terryw
Join Date: 2001
Post Count: 16,213
September 12, 2010 - 10:01 am
A real estate appraisal is not a valuation and would not be acceptable too.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email Me
Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
vgpacer1970
Member
@vgpacer1970
Join Date: 2010
Post Count: 12
September 12, 2010 - 10:07 am
get the estimate emailed!
Terryw
Participant
@terryw
Join Date: 2001
Post Count: 16,213
September 12, 2010 - 10:11 am
but it is unlikely the bank will give it to you.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email Me
Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Richard Taylor
Participant
@qlds007
Join Date: 2003
Post Count: 12,024
September 12, 2010 - 9:46 pm
What a Bank does or tells you is useless to you unless you are holding it.
Get yourself your own registered valuation.
Richard Taylor | Australia's leading private lender
vgpacer1970
Member
@vgpacer1970
Join Date: 2010
Post Count: 12
September 13, 2010 - 12:35 am
Will an accountant be able to provide a registered evaluation from April 2008 in that town? I need a little guidance as to obtain this please.
Terryw
Participant
@terryw
Join Date: 2001
Post Count: 16,213
September 13, 2010 - 12:49 am
vgpacer1970 wrote:
Will an accountant be able to provide a registered evaluation from April 2008 in that town? I need a little guidance as to obtain this please.
Not unless that accountant is a licenced valuer!
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email Me
Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
n_green983
Participant
@n_green983
Join Date: 2006
Post Count: 10
September 13, 2010 - 12:59 am
Hi, hijacking this thread slightly, but I purchased a PPOR in April 2009 for $308k, lived in it until January 2010 when I moved into my fiancee's PPOR which she purchased for $365 about 3 years ago. I am renting out my place now to mates whilst I'm renovating it. It's negative geared, and I may decide to sell it in the future to release funds for another investment purchase. (this may or may not be a good idea, however discussing this isn't the object of this hijack)
.
In the event that I do sell in the future should I obtain a valuation backdated to January 2010 when I moved out and it became an IP? The bank revalued it around December for $340 (from reading above I realised this means nothing).
.
Thanks
Terryw
Participant
@terryw
Join Date: 2001
Post Count: 16,213
September 13, 2010 - 1:17 am
You could sell it CGT free by using the main residence exemption – up to 6 years. But your spouse could not claim her property as her main residence at the same time – if you were a spouse then.
I am at an airport now and not sure about the CGT – but I think it may be wise to have a valuation as of the date the property became an investment. jus in case.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email Me
Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au