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...
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...
Bob purchased a property, lived in it as his main residence, built two townhouses, planned to live in one and then finds out he isn't eligible for...
A few questions you will need to ask yourself 1. Have you purchased a property that will become your main residence and you currently have a...
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...
How would this work tax wise please? Purchase Price $305,000 in 2004. Last bank valuation $650,000 when it was main residence until 1/7/2015....
There are multiple things to consider with this question, the 2 main ones being CGT and servicing. If a person were to buy their main residence...
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...
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...
The main residence can be passed onto a beneficiary at death with any residual CGT liability wiped out, if there is any. This is very important to...
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...
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...
An overseas property can potentially be eligible for the main residence absence provisions. However many times it won't be. Do you know why ?
Loads of people are asking - Will this law be passed ? Good news is no it won't. Back a few weeks ago the Asst Treasurer was quoted by media when...
Treasurer Scott Morrison recently announced that foreign and temporary tax residents will lose access to the CGT main residence exemption. The...
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...
When you "can" live in it. The main residence exemption s118-115 explains what a "dwelling" is. It includes a RV, a houseboat and a caravan...
Hi guys, Can you please shed your view on the below scenario? This is essentially the view of my accountant. But wouldn’t mind a second opinion....
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