Announcements
COVID-19 update: Check out our answers to common questions about JobKeeper payment and early release of super.

ATO Community

CGT Event Query

Highlighted

Newbie

Views 315

Replies 2

Hi ATO Community

Hi everyone

 

I have a question regard to CGT event.

 

I own an investment property, which under my personal name, and now I would like to transfer this property to a trustee company for SMSF (SMSF is mine).

 

In this case, will CGT event happen?

 

I am confused because all these entities are mine, basically saying. however, its not under Taxation Law? Please advise.

 

Regards,

Cam

1 ACCEPTED SOLUTION

Accepted Solutions
Highlighted

Best answer

Community Support

Replies 1

Hi @camphan212

 

A big welcome to our community.

 

In reference to your query on  CGT, changing a legal entity normally will create a CGT event. So it is worth understanding how that is calculated as depending on the capital gain and whether it is in dual names the tax obligation on that will vary. See Working out your capital gain. It is true in some situations there are provisions for rolling over a CGT event.See Rollovers. However based on what you have described to this point I would understand likely it will not apply.

 

We look forward to your further posts.
Warm Regards
MarkA

 

 

2 REPLIES 2
Highlighted

Best answer

Community Support

Replies 1

Hi @camphan212

 

A big welcome to our community.

 

In reference to your query on  CGT, changing a legal entity normally will create a CGT event. So it is worth understanding how that is calculated as depending on the capital gain and whether it is in dual names the tax obligation on that will vary. See Working out your capital gain. It is true in some situations there are provisions for rolling over a CGT event.See Rollovers. However based on what you have described to this point I would understand likely it will not apply.

 

We look forward to your further posts.
Warm Regards
MarkA

 

 

Highlighted

Newbie

Replies 0

Thanks MarkA

 

Thank you for your reply, I will look into the link you provided.

 

Cam.