We are currently selling a property in NSW that is currently rented (we live in QLD). It is my understanding that we get a partial exemption from capital gains as we lived in it for some time and can then claim it as a place of residence from the time we moved in (we don’t own another place of residence) up to six years from the time we moved out. My question is regarding the new stamp duty on the sale of investment properties, does anyone know if that applies in this situation or are we exempt from that?
Hi Hawko,
Based on your description you will be eligible for the 6 year CGT exemption clause.
As the stamp duty issue is a new, state based tax I would recommend a phone call to the Office of State Revenue (or equivalent in NSW) is you best option.
In the meantime try this link
http://www.smh.com.au/media/2004/04/09/1081326934602.html
I understand the new tax comes into force on July 1 (?????) and if you sell before then you will be exempt anyway.
Derek
[email protected]Read my comments? Think I can help you? PM or email me.
If anyone else is in the same situation as me thought I’d let you know that the office of state revenue define a place of residence as that which you’ve occupied for at least two years up to the time of selling a property.
Another expense………but on the bright side for me (?????) at least it reduces my partial capital gain bill.
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