All Topics / Help Needed! / CGT

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  • Profile photo of tjay7tjay7
    Participant
    @tjay7
    Join Date: 2014
    Post Count: 7
    November 16, 2014 - 4:52 pm

    Hi All,

    I have done a bit of research on the ATO website and previous forum posts, however would just like to clarify a couple of things in the following scenario: I am looking at buying an apartment with a family member (cousin), to live in while we renovate. We will each take an equal share in the property, including equal deposit, repayments and cost of renovations to keep things simple.
    From what I have read on the ATO website, we would both be eligible for a full exemption from CGT when we sell?

    Thanks for reading,
    Tjay

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213
    November 16, 2014 - 10:45 pm

    Depends on many things – as long as it is not income producing, you are not renovating as a business and neither are claiming another residence and you are both living in it as the main residence then it will probably be exempt from CGT.

    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)

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