Category «Capital Gains Tax – General questions»

Adjusting cost base for Div 40 items

Question Hello,I sold an investment property in Nov 2007 that was acquired in 2000The unit was built in the 50’s but was modified in 2000 prior to being purchasedI arranged for a depreciation schedule to be undertaken at the time of purchase and have applied the Diminishing Value Method for Plant & Equipment and Building …

Application of Capital Gains Tax

Question I purchased a property with my late wife as tennants in common in 1979 prior to the introduction of capital gains tax.In 1989 my wife passed away. We had lived in the property from it’s purchase.On my wife’s death the title to the property was automatically transferred/transmitted into my name soley. I continued to …

Capital Gains Tax – How to sidestep

Question I am a member of the real estate owners group and have a copy of your bulletin "how to sidestep CGT" in relation to using main residence excemption to keep an investment property free of capital gains tax.I am a little confused at the ruling that you have given. I have a rental property …

re CGT on sale of investment property

Question Hi,If one has multiple investment properties and there is equity in one that needs to be sold, is it possible to transfer the equity out of it to another investment property or ones principle place of residence so that CGT can be avoided.I have read in a previous API magazine that someone did this …

rental property CGT

Question Hi,My wife and I are 63 and retired three years ago. In October 2007 we sold a rental property in Sydney. We were joint tenants. We put the proceeds into our own SMSF.Specifically the cost base of the property was $165,000 (purchase price at $160,000 plus $5000 for solicitor fees and stamp duties). The …