Hi,
If i build a house and live in it for a year then sell it will i be able to avoid capital gains tax?Hi Ray
There is a tool on the ATO website that will help you answer your question. It is here; http://calculators.ato.gov.au/scripts/axos/AXOS.asp
Also this thread is of interest:
https://www.propertyinvesting.com/forums/property-investing/help-needed/4330166Jacqui
Jacqui Middleton | Middleton Buyers Advocates
http://www.middletonbuyersadvocates.com.au
Email Me | Phone MeVIC Buyers' Agents for investors, home buyers & SMSFs.
Thanks heaps for that Jacqui
No worries, hope it helps.
Jacqui Middleton | Middleton Buyers Advocates
http://www.middletonbuyersadvocates.com.au
Email Me | Phone MeVIC Buyers' Agents for investors, home buyers & SMSFs.
ray butters wrote:Hi,
If i build a house and live in it for a year then sell it will i be able to avoid capital gains tax?Maybe.
If it was your sole residence, your main residence and was owned in your own name and was less than 5 acres in size and not used for a commercial pupose then probably you could avoid CGT.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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