Hi Richard

I would think it depends on how far completed it is. If there no occupancy certificate it will be harder.

will be hard to finance something like this.

"The Property Services Compensation Fund (the Fund) was set up to assist people who find themselves out of pocket because an agent or conveyancer, in the course of carrying on the business of a licensee, has failed to account for money or other valuable property held in trust."
 

$3000 is on the high side – especially for an accountant. Don't forget a trust is a legal arrangement and accountants cannot give legal advice.

There is no 3 month time limit. You could leave it untenanted indefinitely and still claim the CGT exemption.

see s 118-145 subsection 3
http://www.austlii.edu.au/au/legis/cth/consol_act/itaa1997240/s118.145.html

http://www.austlii.edu.au/au/legis/nsw/consol_act/lga1993182/s713.html

There is no requirement to hold an asset for 12 months to make it CGT free. What you may be thinking of is holding for 12 months to get the 50% CGT reduction.

Main residences are usually CGT free.

It would also be a CGT event.

Very good point Cherie!

All should encourage their parents to consider appointing an enduring attorney to look after financial affairs if they are unable to and also a enduring guardian to look after their medical and lifestyle decisions if they are unable to.

Once capacity becomes an issue then it is too late and an application will need to be made to the Guardian Tribunal or the Supreme Court which will be very costly and may not result in something the person would have wanted.

Liam

Usually the name on the transfer will be the same as the name on the contract. This is what is referred to by that phrase "in conformity with the agreement". If a husband signs in his name only and then the transfer is for husband and wife then this would be deemed to be in conformity with the agreement and only a nominal extra amount of stamp duty imposed.

In your case you would be paying the property and then onselling with a separate contract for the new purchaser who would probably not be related. So this concession probably wouldn't be available.