Total Members: 149,480

James Mav

  • James Mav replied to the topic CGT in the forum Legal & Accounting 2 years, 3 months ago

    Hi Benny,

    This is assuming the property is your MPR (as is assumed in brackets at the end of my quote).

    However if we are not assuming the property is his main primary residence, and he buys another house, he can only choose one property to be his main primary residence at any one time.

    Hope this helps.

    James Mav – a…[Read more]

  • James Mav replied to the topic CGT in the forum Legal & Accounting 2 years, 3 months ago

    Hi Benny,

    This is assuming the property is your MPR (as is assumed in brackets at the end of my quote).

    However if we are not assuming the property is his main primary residence, ie he buys another house, he can only choose one property to be his main primary residence at any one time.

    Hope this helps.

    James Mav – a…[Read more]

  • James Mav replied to the topic CGT in the forum Legal & Accounting 2 years, 3 months ago

    Hi Property boy,

    If you move in prior to the six year period ending, the six year exemption rule is effectively re-set and you will receive another six years from the time you have moved out.

    In order to prove you moved in again ATO may ask for any of the following (with the address on each as the property in question):

    -Drivers license…[Read more]

  • Hi Manish,

    1. If i sell it now – do I have pay CGT?
    No, as long as you have moved in straight away.

    2. If NO – How long I can keep it as rental property without incurring CGT?
    6 Years from the date it was rented out

    Hope this hel…[Read more]

  • Hi Eric,

    Terry is 100% correct.

    You may choose 1 property to be your main primary residence.

    This only applies when the property was rented out entirely i.e you will not be exempt for the period where you where living in the property AND rented out a room.

    Cheers

    ____________________
    James Mav – Accountant
    http://www.accountancymatters.com.au

  • Hi Flowergirl13,

    Yes that is correct, you may still claim your investment property as you main primary residence for up to six years after you move out (if you move back in you will get another six years).

    The only issue you must be aware of is the exemption doesn’t apply of you are living in your investment property AND rent out part of the…[Read more]

  • Hi Anthony,

    Your broker is telling you a “half truth.”

    Whilst new properties generally have higher levels of depreciation, older properties usually still have some depreciation left.

    Buildings themselves depreciate at 2.5% p.a, and all the assets themselves depreciate at their “effective life” ie hot water heaters over 10 years etc.

    This can…[Read more]

  • Hi Mizfitz,

    Depending on the age/value of your property it may or may not be worth hiring a quantity surveyor, generally speaking if your house is less than ten years old, it is almost always worth the cost (should be around $800) else it would depend on the individual situation.

    The best way is to give your accountant the details of the…[Read more]

  • James Mav became a registered member 5 years, 8 months ago

James Mav

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