My wife is Australian and I became an Australian (from the UK) in 1992.
in 2000 we bought a flat to rent out in London UK for 250,000 GBP and we're now selling it and want to figure out how much CGT we'll have to pay in Australia.
If we sell it for 750,000 GBP, the gain would seem to be 500,000 GBP, however the UK seems to allow expats to use property value as at April 2015 instead of actual cost.
This would make a big difference if it's value in 2015 was, say 500,000 GBP because the gain would then be halved to 250, 000 GBP.
Can anyone tell us whether the ATO would allow a valuation based on this April 2015 rule?
Grateful for any advice
Brlund007