About CGT Valuations and when they are needed
The CGT property valuation is used for tax calculations when a property is sold. The most common reason for a property valuation for capital gains tax (CGT) is a change in occupancy. Your main residence is generally exempt from CGT but if you’ve rented or used your home for business then your accountant will likely advise that a property valuation is needed.
Some situations as examples:
Owners moving back in to rented property
When a property is changing to a principal place of residence (PPO) after being rented out for a number of years a valuation is required. When owners decide it’s time to move back into their rental home a market valuation of the asset is required.
Owners moving elsewhere and retaining property as rental
When a property has been owner occupied for a number of years and the owners have now decided to move elsewhere, but they still want to retain the property and rent it out to tenants, it becomes an investment property. In this situation a valuation is required for the date when the property is no longer a principal place of residence (PPO).
Owners sold home that was rented and now need a retrospective valuation
We also have situations where owners have sold their house six months ago and their accountant has just said you need a retrospective valuation because the home was tenanted for 3 years before they sold it and they didn’t get a valuation done when tenants moved in.
Capital gains tax valuations are advised at the time that the property stops being your PPO.
It’s much better to find out the property value at the time that the property is no longer your principal place of residence. Easier to do it then than it is to do a retrospective house valuation because the retrospective is a bit more involved and can therefore cost more.
We work with owners, tenants or property managers
Its easy to arrange a property valuation and we can deal directly with your new property manager. Or if your property is self-managed we can liaise with your tenants directly.
Overseas owners no problem
If you are living overseas and need a valuation we can arrange that by dealing with your property manager direct.
Why Choose CSA Valuers over other property valuers
We guarantee a personalised service and expert advice. We keep you informed and provide a professional and accurate valuation that will help minimise your capital gains tax obligations. Don’t pay more tax than you should.