Lisa purchased a house and land on 1 July 2014 for $450,000. She moved into the property with her family immediately and used it as her main...
CONSTRUCTION ON VACANT LAND – MAIN RESIDENCE Apu purchased a vacant block of land on 1 July 2000 for $200,000. He built a house on the vacant...
The main residence exemption only applies to land with a residence on it – a hint is in the phrase ‘main residence’!. If you were to demolish the...
Spouses can only claim one main residence, for CGT purposes, between them, not one each. Therefore, getting a spouse can affect you unexpectedly...
This is the second part of a thread I began in 2016: Tax Tip 119: How to Reduce CGT on Investment Property (Part I) Tax Tip 119: How...
Under s118-150 ITAA97 a person can claim the main residence CGT exemption for up to 4 years prior to occupation of a house being constructed once...
Thinking of moving and renting your PPOR ? The falls in many markets may mean that a property is lower than its former value or in some cases...
The proposed changes to the Main Residence Exemption (MRE) for persons who are no longer tax residents was withdrawn and then reintroduced...
Just out of Parliament House. The proposed law change to strip the main residence exemption when someone departs has been withdrawn and is now...
Treasurer Scott Morrison recently announced that foreign and temporary tax residents will lose access to the CGT main residence exemption. The...
Tax Tip 169: Minor Children and the Main Residence Exemption for CGT A minor child is able to own property. See Legal Tip 171: Can Minor...
First time poster here. A friend has bought a new property and it's going to be settled in mid Jan 2018. However, there is a tenant living there...
Tax Tip 165: Not all Main Residences are Exempt from CGT The main residence of a person is often fully exempt from Capital Gains Tax – but this...
Strategy: Choosing which property to apply the Main Residence CGT exemption on Imagine if a person owned several properties and had the choice of...
I'm often meeting taxpayers who seek to build a property (or substantially renovate one) and then later commence to live in it. They ask how the...
Tax Tip 159: No CGT on Transfer to a Special Disability Trust Where there is a person in the family with a disability it maybe possible for a...
A recent ATO Ruling (TD 2017/13) provides guidance on tax issues that can arise when a taxpayer owns pre-CGT land and now seeks to construct a...
I have encountered a spate of enquiries in the past week concerning what the CGT effects of moving into a former IP is. The first issue is to...
Some people purchase a property and let one of their children (under 18 year old) live in it. They may do this so the child can be nearby school...
Hi there I'm currently purchasing a property with the following legal ownership: 90% will be owned by me, and 10% by my dad, as he's helping me...
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