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yyyyylllll

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LENNY_DONG

if this is only one property you have

no cgt, but must with in 6 years

yyyyylllll

STS-TAX 发表于 2012-11-27 16:08
if this is only one property you have

no cgt, but must with in 6 years

谢谢，对于只有一套房子的人，hold住6年不卖，没有CGT，是吧。

yyyyylllll

STS-TAX 发表于 2012-11-27 16:08
if this is only one property you have

no cgt, but must with in 6 years

若6年之内卖掉，需要交多少呢 谢谢

LENNY_DONG

yyyyylllll 发表于 2012-11-27 15:18
若6年之内卖掉，需要交多少呢 谢谢

must sell within six years to avoid CGT

OTHERWISE

WILL CALCULATE BY % OF YEARS YOU HOLD

yyyyylllll

STS-TAX 发表于 2012-11-27 16:38
must sell within six years to avoid CGT

OTHERWISE

Thx, sorry for misunderstanding...

JohnnySu

1. 自住一年(或半年）后，转投资，自己再出去租房子住。如果以后卖掉（例如卖了55W），CGT交多少？You can rent it out for up to 6 years without affecting the CGT main residence exemption

2. CGT是否和转投资前的自住时间长短有关？yes

3. 请问如何通知ATO房子要转投资？ by lodging tax return with relevant information

LENNY_DONG

yyyyylllll 发表于 2012-11-27 15:45
Thx, sorry for misunderstanding...

that is fine

steven_sa

STS-TAX 发表于 2012-11-27 16:08
if this is only one property you have

no cgt, but must with in 6 years

不能在同一地吧。

LENNY_DONG

steven_sa 发表于 2012-11-27 16:26
不能在同一地吧。

IT DEPENDS

DEPENDS OTHER CONDITION

SUCH LIKE CLIENT COULD NOT REPAY THE MORTGAGE, WORKING PURPOSE, ETC

ATO WILL LOOK WHETHER IT IS TAX SCHEME OR NOT

WHICH MEAN, CLIENT LOOKING FOR TAX BENEFIT OR SOME OTHER REASON CHANGE RESIDENCE TO INVESTMENT PROPERTY

3IX37

I know what our CPA and CA advised is what has been widely implemented in our daily practices. However, the correct interpretation of 6 year absence rule for main resident exemption should not be plainly like this. Extra care needs to be taken when you are implementing your investment plan.

here is an article from SMH, which briefly answers your question. please refer it for detail, especially the last 2 paragraphs.

http://www.smh.com.au/money/on-t ... 20101229-199zy.html


....

"Complications arise when a property is used as a main residence and for income producing purposes. As long as a person only has one residence that is not used to produce income, they can be absent from that residence indefinitely and still retain the main residence exemption. The exemption is still retained for a period of up to six years while the property is rented.

Normally when a property is first used as a residence and then is rented, capital gains tax is payable if the eventual selling price exceeds its market value when it ceased being a residence.

The exception is when the main residence exemption has been claimed when the owner was absent and has not had another main residence. In this situation the days that the property was a main residence, expressed as a percentage of the total days of ownership, is an exempt capital gain".


Read more: http://www.smh.com.au/money/on-t ... .html#ixzz2DQSNOig9

3IX37

3IX37 发表于 2012-11-27 22:33
I know what our CPA and CA advised is what has been widely implemented in our daily practices. Howev ...

Further to my previous post, in order to avoid some unnecessary controversies, I hereby elucidate the reasons for my being sceptical as follows:

1) 6 year absence rule is not legislation,
2) it is a common period of time accepted by ATO.
3) the term of "absence" is neither defined by any ATO's publication, nor by tax legislations.
4) per ATO publication and other relevant materials, the underlying meaning of "being absent from your main residence" is more likely than not to be overseas or interstates. It is not likely to apply the situation where you are in the same city, provided that you have not been building your house for 6 years.  

Again, some aggressive tax practitioners might disagree. I guess at the end of the day, it is a risk the taxpayer needs to bear.