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Back dated market value on property?

Discussion in 'Accounting & Tax' started by Sezy22, 12th Sep, 2016.

  1. Sezy22

    Sezy22 Member

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    How can I get a market value in writing on a property for 2015, I need it in writing for future capital gains when we sell the property? It was a PPOR then became IP when we bought another PPOR. We need it in writing so we only pay CG from date we bought new property. Do I go through real estate agent or can we just use bank valuation?
     
  2. Propertunity

    Propertunity Exclusive Real Estate Buyers Agent Business Member

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  3. Azazel

    Azazel Well-Known Member

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    That's pretty handy to know.
    Is that going to be sufficient for the ATO?
     
  4. Propertunity

    Propertunity Exclusive Real Estate Buyers Agent Business Member

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    According to Market valuation for tax purposes | Australian Taxation Office "A person without formal valuation qualifications whose assessment is based on reasonably objective and supportable data" is allowable.
    So I think it should be fine.
     
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  5. Terry_w

    Terry_w Well-Known Member Business Member

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    But is it going to be a good value for the investor - I would still engage a valuer telling them what you want it for. This will hold stronger weight too if challenged by the ATO.
     
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  6. Daniel007

    Daniel007 Well-Known Member

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    Any qualified valuer can do it without any issues.
     
  7. wobbycarly

    wobbycarly Well-Known Member

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    We used Opteon to backdate the value of a property nearly 15 years - best few $00's we ever spent.
     
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