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Cassiecat(Newbie)Newbie
29 Nov 2024

My partner and I bought an investment property 5 years ago however we only put me on the title as I had a good income and he was starting his own business (banks wouldn't lend to him without a secure income history, however my income was enough to get the morgage).

He has contributed half the whole time though. We are now coming to sell it and without his name on the title I am up for paying the whole CGT.

My question is if I add him to the title now, will the CGT be spilt in half when we sell or will it be a percentage of the time he has been 'co owner'

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1,486 views
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Taxduck(Taxicorn)Taxicorn
29 Nov 2024

By "adding him to the title" you are effectively disposing of a share of your ownership of the property. This is a CGT event so there are capital gains implications for you when this occurs.

Deemed sale price will be market value of the property. See below

Transferring property to family or friends | Australian Taxation Office

When property is sold, there will be 2 cost bases. Your share will be purchase price. Partner's share will be market value on date of transfer.

This can be an effective method of reducing your tax liability by spreading CGT over 2 years. Transfer a share to partner in one year. Sell property in a subsequent year.

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Most helpful reply

Taxduck(Taxicorn)Taxicorn
29 Nov 2024

By "adding him to the title" you are effectively disposing of a share of your ownership of the property. This is a CGT event so there are capital gains implications for you when this occurs.

Deemed sale price will be market value of the property. See below

Transferring property to family or friends | Australian Taxation Office

When property is sold, there will be 2 cost bases. Your share will be purchase price. Partner's share will be market value on date of transfer.

This can be an effective method of reducing your tax liability by spreading CGT over 2 years. Transfer a share to partner in one year. Sell property in a subsequent year.

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