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Calculating capital gain when moving into investment

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Hi I am looking at either selling my investment property or demolishing and rebuilding and then converting it to my primary residence. If I go for demolish is capital gains tax only calculated on the value of the property just prior to the demolishing? Would that also be the case if I rebuilt then decided to sell it rather than move in? If anyone can advice it would be greatly appreciated. Cheers Shane
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HI @Stay3008

 

Thanks Shane for the question and welcome to your first post.

 

Essentially you will have a capital gain tax obligation regardless. The only exception being if you were to move in and make it your Main Residence. Check out our CGT Guide and open it in PDF format and search demolish using CTRL F  alternatively you should find the information on pages 165-166.

 

I hope that's useful for you.

 

Regards

MarkA

 

 

1 REPLY 1

Best answer

TaxTime Support

Replies 0

HI @Stay3008

 

Thanks Shane for the question and welcome to your first post.

 

Essentially you will have a capital gain tax obligation regardless. The only exception being if you were to move in and make it your Main Residence. Check out our CGT Guide and open it in PDF format and search demolish using CTRL F  alternatively you should find the information on pages 165-166.

 

I hope that's useful for you.

 

Regards

MarkA

 

 

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