My husband is an Australian Permanent Resident. But he is not Australian resident for tax purposes. He lives and work overseas. I am a housewife. Our children and myself are Australian citizens, currently living in a house in Australia registered under my name only.
If my husband transfers $900,000 from overseas to me so that I can purchase another house in Australia;
- the purchase price of house is paid entirely in cash (ie no mortgage loan involved) and
- the second house will be registered under my name only.
I’m buying the second house for my son to move into and live there till he gets married ie 2-3 years later. (But I continue to live in my 1st house)
1)Is there any tax implications to either myself or my husband by him transferring $900k from overseas (where he lives and works) ?
2)After my son gets married, then I intend to rent out the second house to get rental income. And maybe sell it later. What is the tax implications when I sell the second house?
- Do I have to pay the full CGT?
- do I still get 50% discount on CGT for selling investment property? (even though I didn’t live in the second house for 12 months; my son will be living there for first 2-3 years)
I’m most appreciative if someone can advise me what are the tax implications of the above?
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