First time paying CGT - What can I use to reduce it

[BenQld]

Hello

I have to pay CGT on a property I sold last financial year. This will be my first time paying it. What things can I use to offset some of this tax

I lived in this house as a PPOR for 2 yrs, then rented for 3, and then lived back in it for 6 months.

When it was rented, all the rates / insurance etc were all claimed on tax ? Can these be claimed again?

Also, for the time it was my PPOR, I understand I can claim everything I spent on it to improve its value, ie all my trips to the hard ware (can I also claim the km's driven)

In regards to claiming the rates etc, do I claim the full amount including water usage etc, or break it down into actual rates etc ? its all a bit confusing

Thanks

Ben

 

[Propertunity]

Did you claim any other PPOR while this one was rented for 3 years?
If not, then no CGT payable under the 6 year rule.

 

[BenQld]

yes, I was living in my wifes house for 2 of those three years, and then for one of them, we were both overseas. But I guess one of them would still need to be our PPOR, and I think its probally better to have hers due to the value

Ben

 

[shanecaz]

Did you claim any other PPOR while this one was rented for 3 years?
If not, then no CGT payable under the 6 year rule.

If you live in another house you have bought does this mean you have claimed it as PPOR or can you live in the new house and still claim the other one as PPOR

 

[Propertunity]

You both could benefit from reading: http://www.bantacs.com.au/booklets/Capital_Gains_Tax_Booklet.pdf

 

[shanecaz]

thanks for that