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  • Profile photo of ChattawayChattaway
    Participant
    @specha
    Join Date: 2015
    Post Count: 28
    May 26, 2016 - 5:51 pm

    Hello,

    Am I right in thinking that in an off market private transaction (lets say a daughter buying a property off of her parents) if the property was sold to her for 200k but it was actually worth 400k – Capital gains tax would be calculated as if the parents had received market value. Is this correct?

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024
    May 26, 2016 - 8:22 pm

    Yes and she would also pay Stamp Duty on the market value rather the actual amount paid.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of ChattawayChattaway
    Participant
    @specha
    Join Date: 2015
    Post Count: 28
    May 26, 2016 - 8:30 pm

    Thanks for confirming this Richard. Someone was trying to tell me otherwise but I was pretty sure that this was the case. Otherwise the ATO would be wide open.

Viewing 3 posts - 1 through 3 (of 3 total)

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