I'm interested in moving in to my investment property in Sydney in the next few months and was wondering if there's anything I need to do before moving in? I've been told I should get it valued because of the CGT that would be payable if I were to sell it someday. Are there any recommendations as to whom to get to value it and what the potential cost would be? Is there anything else I need to do beforehand?
If you have a loan, you can always try to have the valuation done by the bank, and perhaps they might do it for free (depending on the bank and the package you are in)…
Actually, I think you may not need a valuation
see s118-185 ITAA 1997
http://www.austlii.edu.au/au/legis/cth/consol_act/itaa1997240/s118.185.htmlTerryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
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).
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