Concerning tax, I was just wondering if there is a limit (quantity, timewise or other) for an owner occupier to buy, renovate and sell? Can I do this as many times as I wish and not incur any CGT? or is there a limit that occurs when it is then recognised as taxable income?
If they ATO thinks you are doing it as a business, then technically you would have to pay CGT on the first house!
But realistically you should be able to do a few, and if picked up could always argue your case – had to move due to bad neighbours, work, changing family circumstances etc.
But why sell? Why not keep?
Terryw
Discover Home Loans
Mortgage Broker
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
I beleive I will have serviceability problems with several loans (will stretch us a bit too far). We already have one investment property negatively geared, and our current residence we are looking to sell in the near future wouldn’t achieve a positive cashflow outcome if leased. So just looking to make a couple of quick profits (that will not be liable for CGT) to get into a better position.
Originally posted by Rhett:just looking to make a couple of quick profits to get into a better position.
Is this achievable in today’s market?
Derek
[email protected]
0409 882 958
Property investment advice and researched property in quality locations available.Yes
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