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Answered in 1 minute by:
12/16/2013
Patrick H., Lawyer
Category: Australia Law
Satisfied Customers: 5,422
Experience: Dip Law LPAB - Sydney based lawyer
VerifiedHow long have you owned the property? and how much of that period has it been a rental property?
Also, do you have any other property over which you are claiming the primary residence exemption on CGT?
Also, do you have any other property over which you are claiming the primary residence exemption on CGT?
Hello and thank you for your question.
Where a property is used partly as a primary residence and partly as a rental property the GST will be payable, but the capital gain will be reduced to reflect the term the property was a rental property.
For example if you own a property for ten years and you live in the property for 1 year and rent it for 9, then the taxable capital gain will in principle be the actual gain times 9/10. For a more complete explanation refer to the ATO information on Capital gains and the primary residence and rental properties:
http://www.ato.gov.au/General/Capital-gains-tax/
http://www.ato.gov.au/G eneral/Property/Your-home/Buying-and-selling-your-home/Main-residence-exemption-from-capital-gains-tax/
http://www.ato.gov.au/General/Property/In-detail/Rental-properties/Rental-properties-2012-13/
I trust the above assists your understanding.
Good luck and please rate my answer.
Thank you,
Patrick
Where a property is used partly as a primary residence and partly as a rental property the GST will be payable, but the capital gain will be reduced to reflect the term the property was a rental property.
For example if you own a property for ten years and you live in the property for 1 year and rent it for 9, then the taxable capital gain will in principle be the actual gain times 9/10. For a more complete explanation refer to the ATO information on Capital gains and the primary residence and rental properties:
http://www.ato.gov.au/General/Capital-gains-tax/
http://www.ato.gov.au/G eneral/Property/Your-home/Buying-and-selling-your-home/Main-residence-exemption-from-capital-gains-tax/
http://www.ato.gov.au/General/Property/In-detail/Rental-properties/Rental-properties-2012-13/
I trust the above assists your understanding.
Good luck and please rate my answer.
Thank you,
Patrick
Patrick H., Lawyer
Category: Australia Law
Satisfied Customers: 5,422
Experience: Dip Law LPAB - Sydney based lawyer
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