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Answered in 10 hours by:
4/5/2010
Brisbane-Lawyer, Solicitor - Admitted 2005
Category: Australia Law
Satisfied Customers: 14,361
Experience: I did my law degree at the University of Queensland
Verified[QUOTE] My existing property cost 245K and is now worth 380K, would I need to hap capital gains tax on the 135K difference if I sold it later on?[/QUOTE]
Provided those conditions are met, the ATO will not require you to pay CGT on the sale of the property.
If my answer has been helpful or informative, please press the Accept button. I am also able to answer further questions after accepting.
Edited by Alex on 4/5/2010 at 7:02 PM EST
Not in most cases you wouldn't.
To get the full exemption from CGT from the sale of your main dwelling house:
- the dwelling must have been your home for the whole period you owned it (ownership period)
- you must not have used the dwelling to produce assessable income (for example, run a business from it or rent it out), and
- any land on which the dwelling is situated must not be more than two hectares (approximately 4.9 acres).
Provided those conditions are met, the ATO will not require you to pay CGT on the sale of the property.
If my answer has been helpful or informative, please press the Accept button. I am also able to answer further questions after accepting.
Edited by Alex on 4/5/2010 at 7:02 PM EST
Yes, in that case CGT would become payable.
If my answer has been helpful or informative, please press the Accept button.
If my answer has been helpful or informative, please press the Accept button.
Brisbane-Lawyer, Solicitor - Admitted 2005
Category: Australia Law
Satisfied Customers: 14,361
Experience: I did my law degree at the University of Queensland
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