Hi,
I was just wondering if you'd need to pay capital gains on a property if you lived in it for 5 (or so) years and then moved out and took rental income from it over a period of time?
Thanks for any help!
depends on the circumstances – could possibly be exempt under s118.145 ITAA 1996
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
Thanks Terry, great help.
The exact circumstances are: Lived in the property as PPoR for 5 years. Now moving to QLD, not planning on returning to the property to use it as PPoR but will continue to use it as an IP. If you were to sell the property in the future would you still pay CGT as it was once the PPoR? if so, is there a time period that applies to the exemption?
Thanks a bunch for your help mate.
Joel
It could be exempt depending on:
size,
if was ever income producing
if you wil be purchasing another main residenceup to 6 years absence.
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
Thanks Terryw, you're a great help!
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