Hi I want to sell my first property which is my main residency, buy a second one and transfer my residency. I have been living 4 years and I have built a good equity, so is time to move out to a better place. What are the fees involved? Stamp duty how much to pay? Any CGT? By selling and buying, considering only main residency. The property to buy is about 600K and the one to sell about 480K.
Any advice? Any thought would be highly appreciated. thanks.Hi giovi 2003,
The capital gains tax is not applicable on the sale of owner occupier. This is the rule of thumb — owner occupiers can not claim tax deductions on the holding costs (e.g. repairs and maintenance and interest payments) but is CGT free. Rental properties enjoy tax deductible benefits on holding costs but is CGT liable.
The stamp duty for the purchase will depend on which state you live in. Google "stamp duty + name of state" example "Stamp duty NSW, The calculators will come up. Every info you need can be googled.
If you can improve your home for the price of stamp duty then renovate and increase living space and equity instead.
Angel
I hope this helps.
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