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Is there any australian tax obligation if i were to gift my

Customer Question
house to my daughter...
Is there any australian tax obligation if i were to gift my house to my daughter
Submitted: 4 years ago.Category: Tax
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8/4/2013
Tax Professional: Tax.appeal.168, Tax Accountant replied 4 years ago
Tax.appeal.168
Tax.appeal.168, Tax Accountant
Category: Tax
Satisfied Customers: 3,859
Experience: 3+ decades of varied tax industry exp. Tax Biz owner
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Welcome. THANK YOU for choosing Just Answer. My name is Angela and my goal is to help make YOUR life, a little...LESS taxing.

Yes there is on your part. SEE BELOW:


Selling or gifting real estate is a capital gains tax event (CGT event). Your liability for capital gains tax arises when a CGT event happens to your property.

 

For most CGT events, your capital gain or capital loss is the difference between your capital proceeds (what you receive when you dispose of the property) and the cost base (your costs of ownership of the property).

 

However, if you receive nothing in exchange for your property (for example, if you give it away as a gift) you are taken to have received the market value of the property at the time of the CGT event.


REFERENCE SOURCE:

http://www.ato.gov.au/General/Capital-gains-tax/In-detail/Changes-in-family-circumstances/Transferring-real-estate-to-family-or-friends/?default=&page=3

Pleasze let me know if I can be of further assistance to you regarding this matter.

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