Hi All,
Just a couple of questions about CGT and Deductions.
2012 Father/Husband buys IP for $600K (10 years Interest Only Loan)
Valuation Done = $600K
2012 (One month later) Father/Husband sells IP to Daughter/Wife for $600K, But with a delayed settlement for 10 years.
2022 Settlement occurs.
2022 Daughter/Wife lives in the property and claims it as PPOR from 2022 until 2023. (for 1 year)
2024 Daughter/Wife sells property for $1.2Mil.
Question 1: Can Father/Husband claim interest paid over the 10 years as a tax deduction?
Question 2: Can Daughter/Wife claim profit made by sale as no CGT payable?
Question 3: Is this a way-a-round this rule from ATO: http://www.ato.gov.au/individuals/content.aspx?doc=/content/63460.htm
Just a couple of questions about CGT and Deductions.
2012 Father/Husband buys IP for $600K (10 years Interest Only Loan)
Valuation Done = $600K
2012 (One month later) Father/Husband sells IP to Daughter/Wife for $600K, But with a delayed settlement for 10 years.
2022 Settlement occurs.
2022 Daughter/Wife lives in the property and claims it as PPOR from 2022 until 2023. (for 1 year)
2024 Daughter/Wife sells property for $1.2Mil.
Question 1: Can Father/Husband claim interest paid over the 10 years as a tax deduction?
Question 2: Can Daughter/Wife claim profit made by sale as no CGT payable?
Question 3: Is this a way-a-round this rule from ATO: http://www.ato.gov.au/individuals/content.aspx?doc=/content/63460.htm