I have to sell my POPR to relocate for work and need to understand CGT impact. We bought a place on 7 hectares in 2000 for 175k.
My husband used a shed to work from from 2003 to 2014, and did put in tax returns but never earns enough to pay tax. We never claimed any rates, interest or other property costs as deductions for his business.
The place is now valued at about 500k.
Can anyone tell me if the gain is taxable, what is exempt and how do we calculate, and what is in the cost base. If we have never claimed a deduction for interest can it form part of cost base? We had a mortgage for 100 k originally, but is now 210k as we remortgaged over time and used the money for another unrelated purpose.
So confused......
My husband used a shed to work from from 2003 to 2014, and did put in tax returns but never earns enough to pay tax. We never claimed any rates, interest or other property costs as deductions for his business.
The place is now valued at about 500k.
Can anyone tell me if the gain is taxable, what is exempt and how do we calculate, and what is in the cost base. If we have never claimed a deduction for interest can it form part of cost base? We had a mortgage for 100 k originally, but is now 210k as we remortgaged over time and used the money for another unrelated purpose.
So confused......