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CGT question: what applies property not used for investment purposes

Discussion in 'Accounting & Tax' started by Pins, 27th Sep, 2015.

  1. Pins

    Pins Well-Known Member

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    Melbourne
    Hi all,

    I saw a friend today and her situation is this.

    She had a place in Woolloomooloo that was her PPOR. During the time she owned this, she also owned a piece of land with a shed on it down the south coast.

    She sold the Woolloomoloo property. The South coast place became her PPOR. She then built a house on the land (after it became her PPOR.)

    She sold the house last financial year. It was still her PPOR.

    Is it as simple as calculating CGT during the time it wasn't her PPOR? Are there any relevant costs to take into account even though it wasn't being utilised for investment purposes during this period?
     
  2. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

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    A shed usually doesnt quality as a dwelling. But it would depend on the situation.
     
  3. Pins

    Pins Well-Known Member

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    Thanks Terry, it was a shed that was inhabitable. Had kitchen, bathroom etc

    What about costs associated with the appreciation of the land?
     
  4. MikeLivingTheDream

    MikeLivingTheDream BCOM MCOM MTAX CPA CTA Registered Tax Agent Business Member

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  5. Pins

    Pins Well-Known Member

    Joined:
    19th Jun, 2015
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    Location:
    Melbourne