When is a non-CGT asset a CGT asset ?

Discussion in 'Accounting & Tax' started by Paul@PAS, 2nd Dec, 2016.

Join Australia's most dynamic and respected property investment community
Tags:
  1. Paul@PAS

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

    Joined:
    18th Jun, 2015
    Posts:
    23,504
    Location:
    Sydney
    When you "can" live in it.

    The main residence exemption s118-115 explains what a "dwelling" is. It includes a RV, a houseboat and a caravan whether its moored, parked, permanent or on the road.

    Something to consider when you think of home units and houses.

    Q : Why dont we get too concerned with this issue ?
    A : Most RVs and the like are not your "main residence"
     
    Paul@PAS, 2nd Dec, 2016
    #1
  2. Gockie

    Gockie Life is good ☺️ Premium Member

    Joined:
    18th Jun, 2015
    Posts:
    14,781
    Location:
    Sydney
    I think many of those types of housing will lose value over time (or at least not appreciate). So maybe you can purchase them and claim capital losses?....
     
    Gockie, 6th Dec, 2016
    #2
  3. Terry_w

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

    Joined:
    18th Jun, 2015
    Posts:
    41,927
    Location:
    Australia wide
    Nope, there are restrictions on claiming capital losses on vehichles.
     
    Terry_w, 6th Dec, 2016
    #3
Build Passive Income WITHOUT Buyers Agents!

Build Passive Income WITHOUT Dropping $15K On Buyers Agents Each Time! Helping People Achieve PASSIVE INCOME Using Our Unique Data-Driven System, So You Can Confidently Buy Top 5% Growth & Cashflow Property, Anywhere In Australia