CGT Again

Discussion in 'Accounting & Tax' started by MTR, 20th May, 2016.

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  1. Terry_w

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

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    Terry_w, 21st May, 2016
    #21
    MTR likes this.
  2. S0805

    S0805 Well-Known Member

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    Thanks @Terry_w. That's cleared my understanding.

    I was thinking one could still claim CGT exemption from their former PPOR (while they have another) even its been income producing for more than 6 months...I think its fair as it resets the cost base when it becomes IP so one actually captures the growth while it was PPOR..

    cheers
     
    S0805, 22nd May, 2016
    #22
  3. Paul@PAS

    Paul@PAS Tax, Accounting + SMSF + All things Property Tax Business Plus Member

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    Provided they dont have a partner with a PPOR also. Then it gets messy
     
    Paul@PAS, 23rd May, 2016
    #23
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  4. MTR

    MTR Well-Known Member

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    yes, you are quite right. We think we will rent first as prices have soared, will time it when come back a little.

    I thinking of a reno, its been a while since we did something like this. Looking for a project and this would be nice way to go I think.

    MTR:)
     
    MTR, 23rd May, 2016
    #24
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