Selling a house/paing tax question
 

- If i was to sell my house and then buy another do i still pay the capital gains tax? (out of interest, is capital gains tax still taxed at 30%?)

- If instead of selling the house, I was going to just give it to my brother for instance and no money would exchange hands am i still clear from the capital gains?

is it your home or investment property?
there is no CGT on your home

you can't simply 'give' away your house. still have to pay stamp duty etc

CGT is paid at the taxpayers marginal rates after any reduction/exemption is applied - not a straight 30%.

If its your house and you have no others then main residence exemption likely applies -changes if you rented it and never lived in it though.

^^^^WHS - still Stamp duty if you "give" the house to your brother.

[QUOTE=spotydog]CGT is paid at the taxpayers marginal rates after any reduction/exemption is applied - not a straight 30%.

If its your house and you have no others then main residence exemption likely applies -changes if you rented it and never lived in it though.

^^^^WHS - still Stamp duty if you "give" the house to your brother.[/QUOTE]

cheers, the house has been our main residency but it's been rented out for the past 2 years...so CGT applies if sold.

stamp duty if i give it away but no CGT? stamp duty would be much smaller than CGT

what about the other question: if i sell it and use the money to buy another property (ie new appartament that i can claim depritiation on), I pay stamp duty on both fair enough but still CGT?

there's no depreciation on land or buidlings

[QUOTE=blommer]there's no depreciation on land or buidlings[/QUOTE]

LOL

There are also no girls on the internet.

Too many questions:

If you lived in it you can continue to claim it as tax free by making an election under section 118-145 for 6 years, you can reset this clock by moving in again. You can apply this to 1 property at a time.

If it is disposed of at non armes length then Market Value applies for CGT and stamp duty

There is likely to be a capital works deduction available on the building if under 40 years old and you can depreciate many items in a house - HWS, A/C, Light fittings, retic, oven, cooker garage door and remote etc etc Best to send in a quantity surveyor for $500 to ascribe a value to these things.

But it must be income producing not your personal residence.

If you make money expect to pay tax. Simple. The more money you make the more tax you pay. If you claim to be paying to much tax you must be making to much money.

You can definately depriciate building/apartments etc. if it's an investment property

if it's a residential property which is being sold and another residential property bought stamp duty yes / CGT no...correct?

[QUOTE=pete gopal]You can definately depriciate building/apartments etc. if it's an investment property

if it's a residential property which is being sold and another residential property bought stamp duty yes / CGT no...correct?[/QUOTE]

Stamp duty = yes
If Main residence applies = no CGT on sale
Definitely depreciate eligible items in an investment property/apartment.
Limited to age for building depreciation - the newer the better.