- kennykennykennyParticipant@kennykennykennyJoin Date: 2012Post Count: 23
Just a question which I hope is simple enough for someone on this forum to answer.
I have read the ATO website regarding inheriting property and CGT, and based on my understanding and my situation, if my parents pass away and leave their property to me, I can avoid CGT if I sell it within two years.
Now, what if I subdivided and/or developed a few townhouses on the land? If I sell the subdivided lots or any townhouses within the two-year period, is CGT still not applicable? And what about after the two-year period?
Thanks guys and have a great weekend wherever you are.Richard TaylorParticipant@qlds007Join Date: 2003Post Count: 12,024
There are no death duties in Australia. However, tax may be payable on certain income or capital transactions that occur as a consequence of a person's death.
This is a fairly complex area of Tax planning so rather than post a snap shot on a public forum i would strongly suggest you obtain Professional advice from a Tax Lawyer.
Yours in FinanceTerrywParticipant@terrywJoin Date: 2001Post Count: 16,213
Depends on a few things – their PPOR or investment Pre/Post CGT etc
You will generally inherit the cost base as of the date of their death.kennykennykennyParticipant@kennykennykennyJoin Date: 2012Post Count: 23
Thanks Richard and Terry.thecrestParticipant@thecrestJoin Date: 2004Post Count: 992
The miserable duty of grieving executor can become a nightmare if family disagree.
I experienced it, and so immediately gladly employed The Public Trustee to do the duty.
They were just great, kept me fully informed start to finish, very affordable, a plug well deserved.
And I figured that if anyone wanted to oppose them, well, good luck.