Hi,
I bought a property in Nov 2006, moved in Mar 2007. Lived there until early 2010. It is leased out since Jul 2010. I have no other main residence until Jun 2014. It is sold in last month. It was my main residence from Nov 2006 to Jun 2014. As it was Home First Used to Produce Income, I should use value at time of it first rented as cost base. But I didn't have it valued. So, must I use purchase price as cost base?
Thank you!
Regards,
Laura

Hi Laura,
I would definitely get a qualified tax accountant to answer this question and help you with the calculations. You will be able to adjust your capital gain according to the time that it was your main residence and was not available to produce income but the period where you said that it is leased and also your main residence will most likely be subject to CGT.
I have a couple of very good tax specialists in Ringwood East that I can recommend to you if you would like. I am close by in Croydon South
Look forward to hearing from you
Regards
Scott

Hi Laura

A good qualified property valuer should be able determine the estimated market value of the property back in time. You may want to get a couple of valuations done just to make sure that they are not too far off.