All Topics / Help Needed! / CGT
Hi All,
I have done a bit of research on the ATO website and previous forum posts, however would just like to clarify a couple of things in the following scenario: I am looking at buying an apartment with a family member (cousin), to live in while we renovate. We will each take an equal share in the property, including equal deposit, repayments and cost of renovations to keep things simple.
From what I have read on the ATO website, we would both be eligible for a full exemption from CGT when we sell?Thanks for reading,
TjayDepends on many things – as long as it is not income producing, you are not renovating as a business and neither are claiming another residence and you are both living in it as the main residence then it will probably be exempt from CGT.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
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