The law in relation to capital gains tax does not restrict the main residence exemption to just one title block. A house could straddle 2 lots of...
In some circumstance’s costs incurred in relation to a property while you are living in it can be used to reduce CGT when that property is sold....
The main residence exemption only applies to land with a ‘residence’ on it (or ‘dwelling’ actually). Note the word ‘residence’ in the phrase ‘main...
Check out a free webinar reply on the Main Residence CGT Exemption by @Mike A Main Residence and Taxes
There is no need to move back into a property to be able to use the ‘6 year absence rule’ for CGT, s118-145 ITAA97. Example Maggie buys her...
Hi All, Is it possible to have: Property A: owned solely by spouse 1 Property B: owned solely by spouse 2 Both spouses live separately in their...
I see many people making serious ‘structuring’ mistakes. I might put up a few examples to help people learn from the mistakes of others. Example...
The Main Residence CGT Exemption on a Property Held in Trust? A property held by a trust generally doesn’t qualify for the main residence CGT...
The Laws should be passed by the Senate this week. Unfortunately the lobbying by the professional bodies and many tax professionals hasn't...
Each owner of a property is considered to have a separate interest in the property for CGT purposes – generally. Each interest is treated...
In May 2017 the Treasurer announced changes to the main residence exemption that would impact a non-resident taxpayer so that the MRE may be...
Where a person inherits a property which was the main residence of the deceased at the time of their death, and it was not income producing at the...
Tax Tip 248: CGT when Renting out a Room in your Main Residence Renting out a room of your main residence will mean you lose part of the CGT...
Many people assume that a property is exempt from CGT if it is their main residence. In most cases it will be, but not always. A person’s main...
When a person moves into an investment property there is no point in getting a valuation done for CGT reasons as it cannot be used. I have seen...
I recently posted about how a property can be passed on with any CGT liability wiped out if it is the main residence of the deceased person at...
Imagine you buy a property with the intention of moving in, but there is a tenant whose lease doesn’t expire for another 6 months so you keep...
Tax Tip 237: What’s the cost base of a Main Residence if Not initially counted as the main residence? Some people may live in a property as their...
Encountered an interesting issue a few months ago. A tax adviser I know came to me with a issue. He had been approach by someone who cocked up...
To claim a property as your main residence and for it to be exempt from CGT the follow circumstances must be satisfied for the full exemption to...
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