{"id":2471,"date":"2024-07-31T12:16:36","date_gmt":"2024-07-31T02:16:36","guid":{"rendered":"https:\/\/www.csavaluers.com.au\/?p=2471"},"modified":"2024-08-16T08:56:21","modified_gmt":"2024-08-15T22:56:21","slug":"capital-gains-tax-cgt-for-property-change-of-occupation","status":"publish","type":"post","link":"https:\/\/www.csavaluers.com.au\/capital-gains-tax-cgt-for-property-change-of-occupation\/","title":{"rendered":"Capital Gains Tax (CGT) Valuations for Property Change of Occupation"},"content":{"rendered":"<h1>About CGT Valuations and when they are needed<\/h1>\n<p>The CGT property valuation is used for tax calculations when a property is sold.\u00a0 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\u2019ve rented or used your home for business then your accountant will likely advise that a property valuation is needed.<\/p>\n<p>Some situations as examples:<\/p>\n<h2>Owners moving back in to rented property<\/h2>\n<p>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.\u00a0 When owners decide it\u2019s time to move back into their rental home a market valuation of the asset is required.<\/p>\n<h2>Owners moving elsewhere and retaining property as rental<\/h2>\n<p>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.\u00a0 In this situation a valuation is required for the date when the property is no longer a principal place of residence (PPO).<\/p>\n<h2>Owners sold home that was rented and now need a retrospective valuation<\/h2>\n<p>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\u2019t get a valuation done when tenants moved in.<\/p>\n<h2>Capital gains tax valuations are advised at the time that the property stops being your PPO.<\/h2>\n<p>It\u2019s much better to find out the property value at the time that the property is no longer your principal place of residence.\u00a0 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.<\/p>\n<h3>We work with owners, tenants or property managers<\/h3>\n<p>Its easy to arrange a property valuation and we can deal directly with your new property manager.\u00a0 Or if your property is self-managed we can liaise with your tenants directly.<\/p>\n<h3>Overseas owners no problem<\/h3>\n<p>If you are living overseas and need a valuation we can arrange that by dealing with your property manager direct.<\/p>\n<h2>Why Choose CSA Valuers over other property valuers<\/h2>\n<p>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\u2019t pay more tax than you should.<\/p>\n<h3>Sources:<\/h3>\n<p><a href=\"https:\/\/qro.qld.gov.au\/definition\/principal-place-of-residence-duty\/#:~:text=A%20residence%20you%20live%20in,where%20your%20family%20lives\" target=\"_blank\" rel=\"noopener\"><strong>Principal place of residence<\/strong> (PPO)<\/a><\/p>\n<p><a href=\"https:\/\/www.ato.gov.au\/individuals-and-families\/investments-and-assets\/capital-gains-tax\/property-and-capital-gains-tax\/your-main-residence---home\/eligibility-for-main-residence-exemption\" target=\"_blank\" rel=\"noopener\"><strong>Main residence CGT exemption<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The CGT property valuation is used for tax calculations when a property is sold.\u00a0 The most common reason for a property valuation for capital gains tax (CGT) is a change in occupancy.<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":["post-2471","post","type-post","status-publish","format-standard","hentry","category-brisbane-property-valuations"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.6 - 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