CGT on Investment Property turned PPOR

Discussion in 'Accounting & Tax' started by mbc23, 7th Feb, 2021.

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  1. mbc23

    mbc23 New Member

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    I'm in the process of selling my unit that i've lived in for a year and had previously rented out since purchasing.

    My research shows that because I rented out the unit from the beginning, that portion will always be subject to CGT. However, I'm trying to figure out if I can use the market value of the unit as of the date before I moved in last year as my proceeds instead of the sale price

    Since moving in I have completed works that has added value to the unit as my PPOR and I would find it irritating if I have to pay CGT based off my actual sale price.

    Appreciate any and all tips!
     
    mbc23, 7th Feb, 2021
    #1
  2. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    I have written a tax tip on this. Market value doesn't matter. Prepare to be irritated
     
    Terry_w, 7th Feb, 2021
    #2
  3. unicorntears

    unicorntears Well-Known Member

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    unicorntears, 7th Feb, 2021
    #3
    Terry_w likes this.
  4. Paul@PAS

    Paul@PAS Tax, Accounting + SMSF + All things Property Tax Business Plus Member

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    No. Simple
     
    Paul@PAS, 7th Feb, 2021
    #4