Historical valuation for NZ property held when I moved to Aus.

Discussion in 'The Buying & Selling Process' started by DrahKir, 17th Mar, 2022.

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  1. DrahKir

    DrahKir Member

    Joined:
    3rd Jan, 2017
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    Location:
    Sydney
    I'm a Kiwi and moved to Australia back in 2004. I already owned an IP in Auckland (purchased in 1998). Unfortunately, I was unaware of the need to get a registered valuation at the time I moved to Australia so as to ascertain my cost base. I'm now looking at selling this property and certainly don't want to pay CGT based on the purchase price.

    Have any NZ expats managed to obtain a registered valuation for a date in the past? I've approached a few registered valuers in NZ (via email) and am yet to get a single response.

    Are there alternatives that will satisfy the ATO?

    Thanks in advance for any advice/comments.
     
  2. Paul@PAS

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

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    18th Jun, 2015
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    Location:
    Sydney
    Obtain a valuation from a reg valuer in NZ based on that date your residency changed. Persist. The selling agent should be able to assist and provide a known valuer they rely on for various matters. The ATO will expect a suitably qualified person produces a subjective valuation. Past historical sales data is generally abundant and acessessable to valuers.

    I wouldnt be able to recommend any alternatives as this is the acceptable approach.
     
  3. DrahKir

    DrahKir Member

    Joined:
    3rd Jan, 2017
    Posts:
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    Location:
    Sydney
    Thanks Paul. I will persist. I'm not listing the property for sale immediately as I'd like the CGT event to fall early in the next FY.