All Topics / General Property / Is capital gains tax paid in this situation?

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  • Profile photo of Karl and RitaKarl and Rita
    Member
    @karl-and-rita
    Join Date: 2003
    Post Count: 103
    October 28, 2003 - 6:50 am

    Hi all,

    Can anyone help me with this question? If a house is left to you because of a death in the family, you’ve had it for over 12 months and not rented it out at all, do you have to pay capital gains tax on a sale price of under $100k in a private sale?

    Thanks [:P]

    Karl

    The future belongs to those who believe in the beauty of their dreams. – Eleanor Roosevelt

    Profile photo of kelly1100kelly1100
    Member
    @kelly1100
    Join Date: 2003
    Post Count: 55
    October 28, 2003 - 6:55 am

    Have you been living in the house as your PPOR?

    Capital Gains tax is payable on the sale of shares or property that is left to you in a Will. Shares you can’t avoid, but property – if you turn it into you principal place of residence then no CGT.

    Cost base for a property would be taken at date of death (from memory) not the date that it was transferred to you. If you’ve held it for more than 12 months you’ll get the 50% discount.

    Does that help?

    Profile photo of CahKingCahKing
    Participant
    @cahking
    Join Date: 2003
    Post Count: 15
    October 28, 2003 - 7:00 am

    Hi Karl

    This address may be helpful. It seems complicated but it really is not.

    Check it out. Hope it helps

    http://www.ato.gov.au/individuals/content.asp?doc=/content/31570.htm&page=15#H4_9

    Cheers
    Ca$hking[:)]

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