Was told by someone that for properties in WA, there is a substantial tax imposed if a property was sold within a 5 year period to prevent speculation.
Can anyone help confirm if this is true and where I can view the ruling?
Thanks!
Not that I’m aware of?
As far as I’m aware you get the CGT discount after 12 months..some people have funny ideas though..
Speak to Ausprop,
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CGT is a federal tax administered by the ATO.
It applies equally across all states.Who told you such misleading info vernon, and on what basis was it referred to?
There is a 5 year rule but it applies to GST payable on the sale of a NEW property or house.
GST is due upon the first sale ( ie, not due on subsequent resale of the same property ), but if you keep the property for five years then GST is exempt.
kp
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