All Topics / General Property / Capital Gain Tax

Viewing 2 posts - 1 through 2 (of 2 total)
  • Profile photo of bbqlambbbqlamb
    Participant
    @bbqlamb
    Join Date: 2008
    Post Count: 1

    Hi All,

    I have a question hope some of you could shine some light on this one.

    Please allow to go straight to a scenario example.

    Bought first house, as a primary residential for $100,000.
    First year, lived there, in the second year, rent it out. Now live with parents (pay the rent too)
    Declared rental loss including raw materials.
    If I decide to continue renting it out for another 3 years. And move back there and live there again in the future.
    Later, after seven years, property worth $200,000 and if i decide to sell the houset hen, do I still have to pay captial gain tax because there were 3 years worth rental?

    Any help would be good,

    Thanks in advance.

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213

    If you were absent from the house less than 6 years and you had no other house that you counted as your main residence during this time, then you may not have to pay any CGT at all. Check with your accountant.

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

Viewing 2 posts - 1 through 2 (of 2 total)

You must be logged in to reply to this topic. If you don't have an account, you can register here.