You might think that there is no point in keeping records relating to expenses on a property that is a main residence, but it could come in handy...
It is very important to know if 2 people are spouses or not – from a tax point of view. For example for capital gains tax purposes only one...
Hi all Can someone knowledgeable tell me how long I need to live in a PPOR before I can sell it without incurring cap gains tax? E.g. occupied a...
Many people assume that a property that they live in is 100% exempt. This is commonly untrue. These are some of the taxing laws which affect this...
Adjacent land (doesnt even need to be connected land) s118.120 New home contructed on land s118.125(b) Changing main residence s118.140...
Hi all, Turning to the brains trust for some help on this one... My wife and I bought a place in July this year and have to live in it for 6...
Hi all, Just wondering, I realise if I'm living overseas as a foreign resident I can't claim the CGT exemption for my former main residence if I...
Hey guys, We bought an established property recently that's still in settlement period. Loan is going to be under owner occupier as we initially...
Since each owner of a property has a separate CGT interest in the property the main residence exemption will only apply to each individual owner...
Hi All, First post - looking for some ideas on how you might proceed if you were in my situation. Stats: Age: Me 33, Wife 33. Salary: Me $130k +...
The main residence CGT exemption only applies to a taxpayer that lives in their property, or is absence after living there. Where there are joint...
The beneficial owner doesn’t necessarily need to be the legal owner. The property could be owned by Person A, but the beneficial owner be Person...
Normally a property held by the trustee of a discretionary trust will not qualify for the main residence CGT exemption. See Tax Tip 52: Trusts...
I am collecting all my posts bunched on topics and indexing them. Here are 23 posts relating to the 6 year absence rule for CGT: 20-Aug-15 Tax...
Hi, The new house will settle in May, if we rent it out for 6 month before move in, Do we need to pay partial CGT when will sell ? I read about...
Where a person owns 2 properties, each of which could be their main residence, they have a choice on which one to claim the main residence...
There are 2 broad ways that property profits can be taxed on sale – as capital proceeds, or as revenue proceeds. Property will be held on either...
The 6 year rule for CGT (s118-145 ITAA97) can no longer be used by a non-resident to avoid CGT on a transfer of property. This includes transfers...
There have been some substantial changes in the law in relation to CGT and non-residents. I have covered some of this here xxx These changes have...
Jan 2017 bought a very old house - left it vacant - title tenants in common A 50%+B 50% Jan 2018 knocked it down/start building two units Jan 2019...
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