A few years ago I lived in a house for 12 months then sold it CGT free as it was my main principal place of residence.
I have done this twice now.
Is there a limit on the amount of times i can do this CGT free?
As in will the tax office see this as an offiside business if i do it every couple of years? Or am i pretty safe to go again?Thanks :)
Nope, as long as you follow the ATO rules they don’t care how many times you do this over and over again…..
There is no limit, but if you are doing this with the intention of making money then it can be taxable regardless of if it your main residence or not.
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
How are they to know if it is intentional to make $$?
Seems to be a grey area to me?
How are they to know if it is intentional to make $$?
Seems to be a grey area to me?Yes it is grey. If they investigate they will look at the circumstances of why you keep buying and selling. If you are a registered builder that won’t help, if you are doing renovations and adding value then that will go against you too.
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
You must be logged in to reply to this topic. If you don't have an account, you can register here.
