Hi am throwing some ideas around
If you bought a property and didn't live in it and reno it for sale and didn't own another but was renting elsewhere, would you have to pay cap gains as technically it is your only property
Just thinking
Cheers
This is a tricky one. Because you do not own anything else you should be ok. However the tax department also look at intent. So if you renovate and sell straight away they may deem that you did this as a commercial venture, so it may pay for you to move into it at least for a short period. However will all things like this you should seek professional advice before proceeding ahead from a sound property accountant
Nigel Kibel | Property Know How
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Property is subject to CGT. One exemption is for main residences. If you can establish it as a main residence first and then move it and don't rent it it could be exempt indefinitely.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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Thanks for the info
Chhers
Thanks or the info
Further to what Terry said, you need to be able to show it was your main residence for a time. Things like getting the electricity and gas connected, changing your mailing address, changing your drivers licence address would be taken into account by the ATO.
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