CGT after transferring between ex partner

[investemptress]

My ex partner and i have had conflicting advice from our respective partners. Who is correct? We split up and divided our investment properties with a legal agreement. my accountant made me get letters of market valuation as at date of separation and details of costs etc, stating that properties i transferred to ex need to be declared as a CGT event and i mayhave to pay CGT. Yet my partners accountant, says no such CGT is payable until the properties actualy sell.
Natually i dont want to be paying if i dont have to, but who is correct.if this is true that i dont have to pay how can i prove to my accountant.

 

[Terryw]

My ex partner and i have had conflicting advice from our respective partners. Who is correct? We split up and divided our investment properties with a legal agreement. my accountant made me get letters of market valuation as at date of separation and details of costs etc, stating that properties i transferred to ex need to be declared as a CGT event and i mayhave to pay CGT. Yet my partners accountant, says no such CGT is payable until the properties actualy sell.
Natually i dont want to be paying if i dont have to, but who is correct.if this is true that i dont have to pay how can i prove to my accountant.

I think it depends on how it was done.

Have titles been transferred? If so then it would be treated normally. CGT would apply on the value transferred.

If title hasn't transferred then legal ownership is still the same and CGT will depend on normal calculations.

If title has been transferred due to a marriage breakdown then the tax base will be inherited by the remaining title holder if there is a court order or an agreement under the family law act.