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Re: capital gains tax

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Initiate

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Replies 3

    • Property A bought and moved in April 2017 - Primary Residence
    • First Home Buyers Grant received
    • Rented November 2019 – still being rented
    • Property B Purchased June 2019
    • Rented from August 2019
    • Tenants Vacated 18/8/20
    • Primary place of residence moving forward

We lived with my parents from November 2019 till October 2020.

Planning to sell Property A

Will there be any CGT?.

Can I get any land tax concessions?

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Taxicorn

Replies 2

@ASA007 

 

Property A can remain your Principal Place of residence and therefore not subject to any CGT.

 

However, Property B will be subject to CGT from June 2019 until the date Property A is sold.

 

Not sure about land tax concessions this is not really what this forum is about.

 

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Most helpful response

Taxicorn

Replies 2

@ASA007 

 

Property A can remain your Principal Place of residence and therefore not subject to any CGT.

 

However, Property B will be subject to CGT from June 2019 until the date Property A is sold.

 

Not sure about land tax concessions this is not really what this forum is about.

 

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Community Support

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Hi @ASA007

 

@macfanboy has provided you with some good information.

 

The reason why we can't provide any guidance about land tax concessions is because it is a state and territory tax. In turn, we suggest that you get in touch with the revenue office in your state, e.g. Revenue NSW.

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Thank you