I tried to do a search for the above and couldn’t see anything so apologise if this has already been covered.
My in-laws bought some land (both in NSW and QLD)many years ago and they are capital tax exempt. Will the new tax laws in NSW still see that apply or will they now have to pay the 2.25% on capital gains made when they sell their land in NSW after 1 July?
Thanks in advance for your help.[exhappy]
It would appear as if you are confusing two tax regimes.
CGT is a federally levied tax and is based (in loose terms) on the profit you make. Anything purchased before 17th July 1985 (? check this date) is capital gain tax exempt.
The NSW ‘tax’ is a stamp duty levied on the sale price of the property. As I understand it (I’m not from NSW) this will be levied on all properties apart from your own home.
Property Investment Support Available. Ongoing and never stopping. PM welcome.
Just so I am clear about it, they won’t be liable for any CGT to the Federal govt but will be up for the stamp duty (to Mr Carr) if the land is sold after 1 July.
LindaLizzyMember@lizzyJoin Date: 2004Post Count: 230
Need we say more.
Thanks again Derek. [ohno2]?? Was just trying to be clear in my mind, not cause any offense. Apologies if I did.
Thanks too Liz, always good to have a second opinion.
LindamelbearMember@melbearJoin Date: 2003Post Count: 2,429
Linda, I think Derek was referring to calling you ‘sweetie’ rather than anything else[biggrin]
I remember Billfromoz having the same ‘thought’? Esp when his wife asked him who he was emailing?[eh]