Capital Gains payable?

Discussion in 'Accounting & Tax' started by JK200SX, 22nd Sep, 2019.

Join Australia's most dynamic and respected property investment community
Tags:
  1. JK200SX

    JK200SX Well-Known Member

    Joined:
    24th Jun, 2015
    Posts:
    527
    Location:
    Melbourne
    been speaking to the wife’s uncle about capital gains on a property he has and plans on selling.
    The house was purchased in 1976 in yarraville, melbourne. It was their ppor until 22 years ago when they bought another ppor to live in. They kept the house in yarraville, It remained vacant and never rented out. The property is owned in both names.


    Q. If they sell the property now, will they incur CGT?
     
    JK200SX, 22nd Sep, 2019
    #1
  2. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

    Joined:
    18th Jun, 2015
    Posts:
    41,932
    Location:
    Australia wide
    probably no as pre CGT
     
    Terry_w, 22nd Sep, 2019
    #2
  3. wylie

    wylie Moderator Staff Member

    Joined:
    18th Jun, 2015
    Posts:
    14,004
    Location:
    Brisbane
    22 years sitting empty - why?
     
    wylie, 22nd Sep, 2019
    #3
    Stoffo likes this.
  4. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

    Joined:
    18th Jun, 2015
    Posts:
    41,932
    Location:
    Australia wide
    even if rented it could have been CGT free - they could have 2 main residences CGT free.
     
    Terry_w, 22nd Sep, 2019
    #4
  5. Marg4000

    Marg4000 Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    6,407
    Location:
    Qld
    So long as ownership has not altered since the property was purchased, it should be CGT free.
     
    Marg4000, 23rd Sep, 2019
    #5
  6. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

    Joined:
    18th Jun, 2015
    Posts:
    41,932
    Location:
    Australia wide
    Any construction could mean not entirely CGT creee
     
    Terry_w, 23rd Sep, 2019
    #6