I am wondering if in Australia if we have a tax deferrment law similar to the Tax Code Section 1031 exchange for deferring Capital Gains Tax by reinvesting in a more highly priced asset(ie; real estate) in the US ?
Also if there are any similar Tax Laws for deferring taxes in regards to real estate in Australia ?Thanks,
Chris
Hi Chris
I am not a tax expert, however I believe there is nothing in Aust that has the same tax rules.
Just looking at the Master Tax Guide, the rollover applies when you dispose of an asset to a wholly owned company and receive shares in exchange.
Looks like that the relief applies when you sell your asset into another legal entity that you ultimately also own.
It does talk about deferring the CGT when you have to replace the asset due to an event ocurring such as fire.
It does get quite technical, you have an issue, you should to a tax expert.
Bruce
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