Home = CGT sold under one year?

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From: The Wife


thats an expensive house for a young couple!

Michael, if they have it in a company, they can claim losses, well...they can claim lots of different things, IF, they have it in an entity that serves them well, they should visit a very clever accountant.

I'm on the hunt for a bigger house in Canberra(and surrounding areas), I would like to buy it of a distress situation, would like it cheaper in otherwords, does any Canberrans out there know of any? I am willing to pay a spotters fee )

TW
~Life is a daring adventure, or nothing at all~

 

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Reply: 1
From: The Wife


What.....hey...hang on....what about my needs?

Give me the deal Michael, how much for passing it to me?

TW
~Life is a daring adventure, or nothing at all~

 

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Reply: 1.1
From: H T


If its their principle residence then they wont have to pay any CGT, even if they've only been in it 1 day.
If they have only 1 property then i dont think it'll be a problem


HT

 

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Reply: 2
From: Terry Avery


Capital Gains Tax is calculated on the capital gain which is the sales
price - purchase price - purchase costs - sale costs.

Purchase costs include stamp duty, solicitors fees, title searches, etc.

Sale costs include agent's commission, solicitor's fees, etc

For more information see the ATO website file on CGT.

Cheers

 

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Reply: 3
From: Grant A-Y


On 6/20/01 8:07:00 AM, The Wife wrote:
>
>I'm on the hunt for a bigger
>house in Canberra(and
>surrounding areas), I would
>like to buy it of a distress
>situation, would like it
>cheaper in otherwords, does
>any Canberrans out there know
>of any? I am willing to pay a
>spotters fee )

Most Canberrans living south of the lake eventually aspire to move north to the *good* side of town don't they?! ))

Grant A-Y
(Northsider)

 

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Reply: 3.1
From: The Wife


Oh thats it, Im staying here with my mountain.

TW
~Life is a daring adventure, or nothing at all~