Are there any accountants on the forum who are able to advise me if there is a way to gift the investment property to a family member at the end of this financial year, but have some sort of a contract so that the CGT is for the next financial year? If that even makes sense?
What I am hoping for is, to use the existing Council Rates Notice valuation for the Stamp Duty, but have the CGT count towards the next financial year income, so as to get an extra year to pay for it.
Is this possible? Reading through http://www.ato.gov.au/content/54986.htm tells me that it can't be done, but if anyone is able to advise otherwise I would love to hear from you.
You can't use a council valuation for stamp duty purposes you will need a proper valuation done.
Why not just gift it after 01 July. Installment contract? Option to purchase?
Why gift at all? What are you trying at acheive? Consider centrelink issues, stamp duty, asset protection, estate planning as well as 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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