CGT Calculation

[chinni]

I bought a property on my name in October 2011
we moved into the property and stayed there till July 2014
Bought a 2 year old property which is on both my Wife and my name
we moved to this new property in July 2014
Rented out the first property starting 1st of August 2014
If I sell the first property do I need to pay ant CGT?
if so how much would i be paying - I meant how do I calculate?

I am based in Sydney and both my properties are in Sydney

Any guidance is really appreciated.

Thanks

 

[Terry_w]

property 1 could be exempt.

But get some advice as there could be strategies to reduce CGT on property 2

 

[chinni]

Thanks Terry.
If I sell the property 1 sometime next year will I still be exempted from CGT?
Why will I not be exempted for CGT on property 2?

 

[Paul@PFI]

I bought a property on my name in October 2011
we moved into the property and stayed there till July 2014
Bought a 2 year old property which is on both my Wife and my name
we moved to this new property in July 2014
Rented out the first property starting 1st of August 2014
If I sell the first property do I need to pay ant CGT?
if so how much would i be paying - I meant how do I calculate?

I am based in Sydney and both my properties are in Sydney

Any guidance is really appreciated.

Thanks

Adding to Terry's comment there are some opportunities but these require some choices. Choices may be made that would influence CGT on the joint property in the future.

When you sell the first property you do need to calculate what if any CGT may be due. Personal tax advice is the key issue. ie : Do you have existing losses or own shares which are underwater - These could offset any profit ? What is your other income ? etc...