Hello,
I am sure I read on here somewhere that if you held an invetment property for 15yrs. CGT does not apply.
I looked on the ATO website but cant find this… Is it true?
Never heard of it!
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Unless it refers to property purchased before the introduction of CGT – which was around 1985, 25 years ago. If you heard this 10 years ago it may have been correct?
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Not for investment properties, I'm afraid. It's only for 'active assets', such as goodwill in a business.
It's basically an exemption if you have had an active asset for 15 years, and you are retiring, and you satisfy the small business CGT exemptions.
Investment properties do not qualify as the asset is not considered an active asset in almost all circumstances.
I have been involved with this rule and heard of it.
But it was done via insurance companies issuing insurance bonds..see link below for more detailed explanation
http://www.financialguide.com.au/guides-and-tips/insurance-bonds/Thanks – they just get us everywhere dont they… tax, tax, tax even tax on tax.
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