reece replied to the topic Capital Gains tax on PPOR in the forum Legal & Accounting 7 years ago
” Where you are buying with the intention of selling for a profit this will be on revenue account and it will be taxed as income…”
Can this not be said of every property? Surely, every property is bought for the intention of a sale at some time in the future
I have been looking through the tax rules and it seems that, as long as I live in…[Read more]
reece replied to the topic Capital Gains tax on PPOR in the forum Legal & Accounting 7 years ago
” Where you are buying with the intention of selling for a profit this will be on revenue account and it will be taxed as income…”
Can this not be said of every property? Surely, every property is bought for the intention of a sale at some time in the future
I have been looking through the tax rules and it seems that, as long as I live in a…[Read more]
reece replied to the topic Capital Gains tax on PPOR in the forum Legal & Accounting 7 years ago
” Where you are buying with the intention of selling for a profit this will be on revenue account and it will be taxed as income…”
Can this not be said of every property? Surely, every property is bought for the intention of a sale at some time in the future
I have been looking through the tax rules and it seems that, as long as I live in a…[Read more]
reece replied to the topic Capital Gains tax on PPOR in the forum Legal & Accounting 7 years, 1 month ago
Hi Terryw,
So are there no real strict time/holding rules about selling a PPOR?
Can I buy and sell PPORs as many times as I like without having to worry about any time/holding issues?
reece started the topic Capital Gains tax on PPOR in the forum Legal & Accounting 7 years, 1 month ago
I have a newbie question. I have a property that I have bought as a PPOR and have received an excellent offer for it. I have been offered 35% more than I paid for it in July this year 2017.
I have been told that I need to hold the property for at least 12 months from purchase date to have zero capital gains tax.
I have looked on the ATO site and…[Read more]
reece replied to the topic A question regarding some inherited properties in the forum Help Needed! 8 years, 7 months ago
Thanks again for your advice Terry.
Can you please advise why I have been told to get a valuation for each of the properties. I can understand why I need one for the PPOR but not sure why I need one for the other two since the initial purchase price is the important number
reece replied to the topic A question regarding some inherited properties in the forum Help Needed! 8 years, 7 months ago
Thanks Terry for your answer.
As I am a little bit dumb, can you clarify that;
2. “Cost base will be his cost base” means that I will be taxed on the difference between my fathers purchase price and the current sale value (if, or when, I sell it).
So in summary, the transfer of the property to me does NOT reset the Capital Gain clock to zero ?
reece started the topic A question regarding some inherited properties in the forum Help Needed! 8 years, 7 months ago
I have a question regarding some inherited properties. My father has recently left me (his only son) three properties in his will.
1. His home (PPOR) bought for $800k and now worth $950k
2. An investment property bought for $400k and now worth $650k
3. An investment property bought for $750k and now worth only $500k (he bought a house in…[Read more]
reece started the topic When is a Capital Gain assessed by the ATO? in the forum Help Needed! 8 years, 7 months ago
Hi guys, A simple question…
I have just sold an investment property that I have had for 5 years.
The contract is dated 15/05/2016, with it going unconditional on the 29/05/2016 and a settlement date on 2/07/2016.
For tax purposes, is the capital gain assessed at the contract date or the settlement date?
The contract date means that I have to…[Read more]
reece became a registered member 9 years, 7 months ago