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CGT

Discussion in 'The Buying & Selling Process' started by chrisoooo, 1st Jun, 2016.

  1. chrisoooo

    chrisoooo Member

    Joined:
    13th Jul, 2015
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    Location:
    Sydney
    My partner bought a property 3 years ago to move into. Unfortunately we have never been able to move in not due to cost, but to other living arrangements we had. She is now going to sell this place in August this year (2bed, 1bath, 1car) and we are going to buy another place which is bigger to move into. It was my partner's first property purchase. Is there any capital gains tax we will need to pay on this? If so is there any way we can reduce the amount we pay?
     
  2. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

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    18th Jun, 2015
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    8,989
    Location:
    Sydney
    This will be a CGT event. The main residence exemption cannot apply if you have never lived in it.
     
  3. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

    Joined:
    18th Jun, 2015
    Posts:
    8,989
    Location:
    Sydney