All Topics / General Property / Capital Gains Tax – age limit?

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  • Profile photo of Shirley_2Shirley_2
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    @shirley_2
    Join Date: 2003
    Post Count: 87
    December 1, 2003 - 5:12 am

    A friend tried to convince me over the weekend that you don’t have to pay Capital Gains Tax on the sale of an investment property if you are over 55 years of age. I felt this could not possibly be true – can anyone clarify for me?
    Thanks
    Shirley

    Profile photo of Still in SchoolStill in School
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    @still-in-school
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    December 1, 2003 - 5:21 am

    i never heard of this and i dont think it true,

    cheers
    s.i.s

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    Profile photo of KavitaKavita
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    @kavita
    Join Date: 2002
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    December 1, 2003 - 5:22 am

    Nope its full of crap. You have to pay CGT regardless of your age. However its wiser (in matters of taxation) to sell etc when you are retired as your tax threshold is lower…..hope this makes sense

    Profile photo of Shirley_2Shirley_2
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    @shirley_2
    Join Date: 2003
    Post Count: 87
    December 1, 2003 - 6:20 am

    Thanks, Kavita. Maybe what she had heard referred to selling after retirement so less tax to pay.
    Shirley

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