Principal Place of Residence & CGT

Discussion in 'Accounting & Tax' started by thesuperman, 15th Jan, 2017.

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  1. thesuperman

    thesuperman Well-Known Member

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    If only claiming electricity & internet business expenses at your Principal Place of Residence, would that mean when time comes to sell your home that you would be liable for CGT or would you still be exempt from CGT?
     
    thesuperman, 15th Jan, 2017
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  2. Terry_w

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

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    Home office?

    Generally no effect on CGT exempt status unless you are able to claim the interest on the loan.
     
    Terry_w, 15th Jan, 2017
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  3. thesuperman

    thesuperman Well-Known Member

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    Yes, basically a home office. No interest to be claimed as it's fully paid off already.
     
    thesuperman, 15th Jan, 2017
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  4. Mike A

    Mike A Well-Known Member

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    whether you have interest to claim or not or even interest you didnt claim doesnt change the nature of a place of business vs a home office.
     
    Mike A, 15th Jan, 2017
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  5. Terry_w

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

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    thats irrelevant. the test is if you could claim interest - such as running a business from home etc.

    Home office should be fine.
     
    Terry_w, 15th Jan, 2017
    #5
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