After finally getting my PR a week ago I wonder if anyone knows how you prepare for future asset disposals? Does it make sense to get a valuation of my UK properties now? I believe cgt is calculated from PR day to when you sell them.

Any sage advice gratefully received.

Congrats on the PR

Not sure if it's "sage", advice but I'd get a a valuation done and then convert it into a dollar amount based on the published ATO rate for the day/month of PR grant.

I've got a valuation for the day I acquired my one and only non-oz asset and will prob get one done at the end of each Oz tax year as it needs to be declared

You're still here then?

Hopefully there'll be less bitching this time.

Congratulations on your PR!

oh! i always thought TE was a PR! congrats! do your valuations now so it's fully documented.

If you can't say anything nice, why do you bother saying anything at all?

Many congratulations!!!! Hope things are looking up for you, I was just wondering this week how you were getting on

Ah diddums

I'm in Subiaco - it's great (except perhaps for the flies) !! Like the Renaissance compared to FNQ.

Congrats on the PR, TE - must be a huge relief to you!

Are you going to hang around for citizenship or are you going to bugger off on a new adventure?

(Can't help on the tax, if I only had assets )

Congrats TE and welcome back If you still have your boat, pop around and see us

Has the pussy cat got PR too? Often think of you, the cat and the rucksack when reviewing pics from Yasi

Welcome to WA. What are you going to do with yourself?

Well done TE

You don't need a valuation each tax year as you don't have to declare it's value just the income you derive from the asset.
The exception would be if you were retired and claiming an Ozzie pension then they would want to know the value of all your assets.