I have an investment property that my wife and I now live in as principal place of residence. How can I change to joint ownership?
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Be aware that a transfer of a share of your property to your wife (or anyone else) is considered a disposal. This will be a CGT event so CGT will apply. (you may well have to pay tax on this). See below
Transferring property to family or friends | Australian Taxation Office
How to transfer is not a tax question, so outside the scope of this forum.
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Be aware that a transfer of a share of your property to your wife (or anyone else) is considered a disposal. This will be a CGT event so CGT will apply. (you may well have to pay tax on this). See below
Transferring property to family or friends | Australian Taxation Office
How to transfer is not a tax question, so outside the scope of this forum.
Hi. So if I get a professional valuation and pay the appropriate CGT does that complete my tax obligation. Noting that this is now my principal place of residence?
Cheers
Thanks for help with this. Who is able to provide the valuation for this purpose? Can it be a real estate agent or does it need to be a valuer? Cheers
How is this CGT event triggered? Does the ATO know through property transfer or is it instigated by me?
Hi @forbesmob,
A CGT event is triggered automatically when you enter into a contract to sell or dispose of a property. You don't instigate it – it happens at the point you enter into the contract, not at settlement. If there's no contract of sale, the CGT event happens when you stop being the asset's owner.
We receive information about property transfers through data matching arrangements with state and territory revenue and land title authorities.
You'll need to report any capital gain or loss from the CGT event in your tax return for the income year when the event occurred. For a property sale with a contract, you report it in the year you signed the contract, even if settlement happens in a later year.
And to answer your question about who is able to provide the valuation, it's better to use a qualified, independent valuer. They will establish market value at the time of transfer.
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