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CEL21(Initiate)Initiate
8 Jan 2025

Partner A and Partner B owned an Investment property together. After a number of years they split up. Partner B transfers her interest in the Investment property to Partner A. This was done VIA a formal agreement and Partner B declares a roll over exemption on her Taxation return. A couple of years later Partner A sells the Investment property and therefore I need to work out the Capital Gains. This Investment property has never been a Principle place of residence. Is the the cost base worked out on the original date of purchase and than include the Capital gain/loss on Partner A Tax return only?

Thank you

Christine

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245 views
2 replies

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Taxduck(Taxicorn)Taxicorn
8 Jan 2025

Yes. As stated on ATO website. (in link below)

 "CGT will apply to the person who received the asset when they later dispose of it."

When the relationship breakdown rollover applies | Australian Taxation Office

Check link on calculating the gain. As stated

"When you dispose of a rollover asset, you calculate your CGT as though you had owned it since your former spouse acquired it."

Calculating CGT on a rollover asset | Australian Taxation Office


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Most helpful reply

Taxduck(Taxicorn)Taxicorn
8 Jan 2025

Yes. As stated on ATO website. (in link below)

 "CGT will apply to the person who received the asset when they later dispose of it."

When the relationship breakdown rollover applies | Australian Taxation Office

Check link on calculating the gain. As stated

"When you dispose of a rollover asset, you calculate your CGT as though you had owned it since your former spouse acquired it."

Calculating CGT on a rollover asset | Australian Taxation Office


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Capital Gains on sale of investment property | ATO Community