I have posted the following message in General Investing, but after 2 days I still haven’t received a reply, I thought to try this forum maybe I’ll be luckier. Thanks [
][][]I have been living in the UK for the past 8 years and I managed to buy a house in north NSW which I have rented out to friends and a separate piece of land next to the house. I wanted to build a resort accommodation of some sort in the vacant land, but I’ve just found out that the council is not going to approve it and I therefore thought to sell up everything and buy somewhere else where I will be able to build a holiday resort or bed and breakfast. My big question is will I have to pay capital gain? On both the house and the land?If yes how much, considering that I haven’t been earning in Australia (for 8 years)Is there anyway (legally) that I could avoid paying capital gain?. Any help will be appreciated. Thanks[:X]
I would suggest to ask an accountant.
My opinion is that you will have to pay CGT – our government wouldn’t let anybody get away with that. As for the rates, I wouldn’t know, hence the accountant advice.
Cheers
MelThats easy! Don’t sell either of them for a profit. Then you won’t pay any CGT.[^] That wasn’t much help was it?.
I’ve just come back from the UK aswell, god knows how you enjoyed staying over there that long!.
As i understand it, if you have held on to your investments for longer than 12 months you should qualify for the 50% CGT reduction.
Hope that one helped.[]Work smarter, not harder!.
Ps: Try this link sport. http://www.ato.gov.au/individuals/content.asp?doc=/content/29092.htm&pc=001/002/026/004&mnu=4189&mfp=001&st=&cy=1
Work smarter, not harder!.
middler, have a look at this
http://www.somersoft.com/forums/showthread.php?s=&threadid=13218&goto=nextnewest
Cheers
Mel
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