Hi,
I bought my old unit and lived in there since January 2011. Then I rented it out in September 2015 until 31 of August in 2020. In 2019 August, l purchased an off the land, and the building is expected to be completed in November 2021. In November 2020, l sold my old unit. Can l claim both of my properties as main residence for the period of August 2019 to November 2020? Can my old unit be my main residence for that period?
Hi @DC49
You can only claim one of these properties as your main residence between August 2019 to November 2020.
When you move from one main residence to another, you are only able to claim both properties as your main residence for 6 months if all of the following apply:
When you are building off the plan, you are able to claim this property as your main residence from the date you sign the contract if you move in as soon as practicable once construction is complete.
Hi @DC49
You can only claim one of these properties as your main residence between August 2019 to November 2020.
When you move from one main residence to another, you are only able to claim both properties as your main residence for 6 months if all of the following apply:
When you are building off the plan, you are able to claim this property as your main residence from the date you sign the contract if you move in as soon as practicable once construction is complete.
Good afternoon,
If I want to claim only my old unit as my main residence, where can I report it in my tax return? And what else I need to do in my tax return for that?
Hi @DC49
You don't need to report anything if you're treating your old unit as your main residence instead of your new property. You'll just need to keep records for five years after the sale (contract date). This way if we ask, you can clarify you are treating it as your main residence for that time. :)
Good evening,
I am going to calculate the CGT for my tax return, but I have following 4 questions to start with:
1. Can I add the rates, landtax, water bill, loan interests, general body corporate levy and repairs for the period from the day after the end date of the last rental agreement to the settlement date in the rental tax deductible or the cost base please?2. I use the property market value to calculate the CGT. Can I add the stamp duty or Home buyer concession reassessment in the cost base please?3. Can I add the body corporate expenses (both the admin levy and sinking fund levy amounnts) for the period from I owning the property to before the property first rent out date in the cost base please?4. Can I add all the rates for the period from I owning the property to before the property first rent out date in the cost base please?
Thanks and Regards,
DC49
Hi @DC49
You've advised your claiming main residence on your original property that you're selling, so there's no CGT to report. You can only claim deductions while the property is being rented or genuinely available for rent.
You can claim main residence exemption on one property, so from Aug 2019 - Nov 2020 your 2nd property will be looked at for CGT. The purchase price will be factored into the cost base when you eventually sell or dispose of it. You can look at expenses you can claim under elements of the cost base for your 2nd property.
You will also be able to apply the partial exemption where - The formula is A × (B ÷ C), where:
Thereafter, you can report your total capital gain at total capital gain label. As you owned the property for 12mnths+, you can apply the CGT discount, the new figure will be reported at your Net capital gain label. This is also the label we use when applying marginal tax rates.
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