Selling of an Onsite Caravan | ATO Community

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(I'm new)I'm new

30 Nov 2023

I'm seeking clarification on the tax classification of an onsite caravan. Specifically, I'm curious whether it would be considered as property, a vehicle, investment etc.

My main objective is to understand the tax implications if I were to make a profit from selling an onsite caravan. Would it be subject to capital gains tax (CGT) as residential property, or does it fall under a different set of rules if considered personal property or a vehicle?

Additionally, are there any specific criteria or factors that determine the classification of an onsite caravan probably a question for a property lawyer but worth a try.

Thanks in advance, much appreciated.

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(Taxicorn)Taxicorn

1 Dec 2023

here is the ATO link on personal use assets and CGT.

https://www.ato.gov.au/individuals-and-families/investments-and-assets/capital-gains-tax/list-of-cgt-assets-and-exemptions#ato-Personaluseassets

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(Taxicorn)Taxicorn

30 Nov 2023

If it was your main residence then it would be exempt from CGT. (subject to main residence rules)

If it wasn't it would be a personal use asset. (If it cost you more than $10,000) See link. https://www.ato.gov.au/individuals-and-families/investments-and-assets/capital-gains-tax/list-of-cgt-assets-and-exemptions

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(I'm new)I'm new

30 Nov 2023

Appreciate the quick response. @Taxduck to clarify if i purchase one under 10k and sell it for 20k I don't have to pay tax? If so that's crazy.

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Selling of an Onsite Caravan | ATO Community