How long do you have to hold property before onselling it so that it does’t qualify as a flip transaction? I have a townhouse that has been cosmetically renovated, now with tenant just moved in, but only bought property six months ago.
Hello Swampy,
I think flipping usually refers to ‘selling’ a property before you actually settle. You can always onsell a property at any stage. If you keep it for 12 months and one day or more you will get a discount on the CGT.
Terryw
Discover Home Loans
North Sydney
[email protected]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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