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#11
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Well from my understanding. The property cannot be exempt from cgt at all, as it ceased being your main residence for 6 + years, while you have used it to produce income. section 118-45(2) core tax legislation.
however, for example if you did use it as main residence every 6 year period, you would be able to claim. you would work it out by capital loss/gain X non-main residence years/days in your ownership period. section 118-185(1) (2) core tax legislation. However, I would seek advice from a qualified professional, as I'm not a qualified in this area as of yet . Hope this helps at all. Last edited by blkboxer; 26-11-2014 at 03:02 PM. |
#12
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Yes as above if it has been rented out for more than six continuous years you will pay capital gains. I rang the ato about this as I have a property I rent out which was my main residence. I had to move back into the property for 3 months after six years renting no other way round it. And they will check that all the utilities are put back in your name to make sure you have actually moved back in and not taking a cashie if you self manage.
Mark |
#13
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What about the tax on the past 9 years rent? was it declared to offset a loan or slipped under the front door?
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Beaten up old 98 Gen 2 Liberty, 13.0, stock V3 STI running gear. 07 Transit motor home 69 VF & 70 VG Valiants needing full restoration Yamaha Zooma 50cc rocket hopefully going with the Transit. |
#14
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I like this part:
Tino, CGT 'in general', can be a pingpingping to deal with and has many twists and turns, just go see someone reputable, as it will save any possible headaches in the future. ATO data matching has come a long way in the last few years, so you need to get it right.
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[SIGPIC][/SIGPIC] |
#15
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Thanks for the responses. And yes I've been speaking to my accountant. I just want to see all possibilites.
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I'm a jockey kunts... |
#16
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Just do a dodgy! Be a wog FFS!
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MY09 Evo X - 1.6bar@3500rpm - got lag? Barbagallo - 56.03 (S); 1:08.09 (L) Collie - 50.77 Possibly the most under-driven Evo X in the world?? |
The Following User Says Thank You to BLUES For This Useful Post: | ||
GTB Liberty (26-11-2014) |
#17
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Quote:
Speak to more accountants.
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[I]Personal chef[/I] |
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residence, selling, tax |
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