Sold and bought new PPOR in the last year, now tax season

Discussion in 'Accounting & Tax' started by Judi, 16th Oct, 2018.

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  1. Judi

    Judi Well-Known Member

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    Hi All,

    It's quite straightforward, I sold and bought a new PPOR in the last year, Do I need an accountant specialise in property to do my tax this year?
     
  2. Terry_w

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

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    Generally main residences are exempt from CGT so it would depend if you know what you are doing.

    Do you know what you don't know?
     
  3. Judi

    Judi Well-Known Member

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    huh,,, safer to use an property accountant probably
     
  4. Ross Forrester

    Ross Forrester Well-Known Member

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    Was the buy and sell for legit reasons - or was it an asset flip in the form of a business?

    It might not be a capital asset so you will not get the main residence exemption.

    A bit more info will help.
     
  5. Marg4000

    Marg4000 Well-Known Member

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    It sounds fairly straightforward. Selling a PPOR and buying another are commonplace activities.

    Any accountant should be able to advise, unless your property holdings are complex.
    Marg
     
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  6. Paul@PAS

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

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    Most people who sell a main residence think they can just ignore the CGT event but thats not correct. The tax return still needs to choose the main residence exemption. And its not uncommon that with a few simple questions what some think is 100% exempt actually isnt. Personal advice should confirm your views if all is good.
     
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  7. jazzsidana

    jazzsidana Well-Known Member

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    Doesn't harm to keep your accountant up to date..

    Wealth is best built when you have the right team in place and team is always in sync and accountant is surely on top of that list..

    Only takes a phone call!!..

    Cheers,
     
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