Valuation for CGT Purposes when moving out of PPoR

Hi,

When moving out of your PPoR and turning it into an Investment Property, it is a good idea to work out the value at that point in time for CGT purposes.

Our bank (HSBC) will offer a free valuation for either; Desktop, or an On-site Inspection.

1) Is a Bank Valuation like this sufficient for working out future CGT? (obviously the highest valuation possible would be best, so it could also be worthwhile paying for a separate valuation privately.)

2) Assuming you meet the requirements for a Desktop assessment, what is the likelihood/situations where this is likely to work out as a higher val?

 

Yes but see my tax tip on why it might be better not to use a bank val

 

Thanks, I found the tax tip:
Tax Tip 173: Strategy – Don’t rely of a lender’s valuation for CGT Purposes

There are some references within the link above that seem to indicate that a valuation from a Real Estate Agent could be used for CGT purposes, is that correct?

 

Yes