All Topics / Help Needed! / Capital Gains Tax

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  • Profile photo of CCMaxwellCCMaxwell
    Participant
    @ccmaxwell
    Join Date: 2013
    Post Count: 11
    April 28, 2013 - 10:29 pm

    Hi all,

    Just a quick one here. Is it possible to avoid having to pay CGT if I live in the property that I am renovating to sell for the duration of time that I own it?

    Thanks.

    Profile photo of Jamie MooreJamie Moore
    Participant
    @jamie-m
    Join Date: 2010
    Post Count: 5,069
    April 29, 2013 - 12:02 am

    Best to seek professional advice from an accountant.

    If it's genuinely your PPOR than I would have thought it's CGT exempt. However, if your flipping a number of properties while claiming to live in each one – it might be seen as being more commercial (and I'm not suggesting you're doing this – but this question often stems from this scenario).

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
    http://www.passgo.com.au
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    Mortgage Broker assisting clients Australia wide Email: [email protected]

    Profile photo of CCMaxwellCCMaxwell
    Participant
    @ccmaxwell
    Join Date: 2013
    Post Count: 11
    April 29, 2013 - 12:14 am

    Thanks for your help. This is just a hypothetical scenario, I was just wondering if it was possible to say, live in a place for a few months while I do it up to avoid CGT when I sell. I'll have a chat with a professional and see what they say.

    Thanks again.

Viewing 3 posts - 1 through 3 (of 3 total)

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