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  • Profile photo of TopsyTopsy
    Member
    @topsy
    Join Date: 2004
    Post Count: 2
    March 29, 2004 - 4:41 am

    HI again, I just sold my home after living in it for 3 years. the previous 3 years we rented it out. So we owned it for 6 years..during the first 3 years it didn’t gain in value. then we worked hard renovating it and in the end it sold for triple the price we paid…We now owe the tax office almost a years salary….BE CAREFUL…

    topsy

    Profile photo of TopsyTopsy
    Member
    @topsy
    Join Date: 2004
    Post Count: 2
    March 28, 2004 - 6:32 am

    you pay capital gains tax on the whole time you owned the home,,, there is a calculation you can get on the ATO website. My advice to you is LIVE IN THE PROPERTY FIRST,before you rent it out.Then when you move back in tell the tax office you have moved in and it is now your main place of residence..

    topsy

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