CGT on my own home

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From: Giovanni T


Hi all,

I would love to know if anyone understands CGT and its implications on selling my own home.

I'll give the background...
Signed contract to build Nov 1999,
Had mortgage on Land Jan 2000,
Building commenced May 2000,
Moved in Dec 2000,
want to sell Jul/Aug 2001.

Question: Do I have to pay CGT on this property once it is sold? I am under the impression, firstly, as it is my primary place of residence it is exempt and secondly, if it were taxable that it is no longer taxable after a period of owning of more than a year. (which is a bit grey as I have only lived in the property since Dec)

Anyway, please help me get this issue off my mind. I look forward to hearing from the masters and mistresses out there.

Regards
Giovanni

 

[DaleGG]

Reply: 1
From: Dale Gatherum-Goss


Hi

The sale will be exempt from CGT if you claim the property as your principle place of residence from the date that you bought it.

I hope that this helps

Dale

 

[WebBoard]

Reply: 2
From: Terry Avery


Giovanni

Your own home is exempt from CGT

You only pay CGT on investments such as property and shares

The 12 month rule is for the 50% discount on investments owned longer than
12 months

 

[WebBoard]

Reply: 1.1
From: Giovanni T


Thanks for that...

I was sweating that for a while as it looks like we will make a significant profit. We might make 30% - 40% more than it owes us.

Thanks Again
Giovanni