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few capital gains questions

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Michael Mazza | 02 Jul 2016, 12:13 AM Agree 0
thinking about selling my rental property. i just cant figure out how capital gains will effect me. with my then partner in july 09 we bought land and built our home on it. relationship fell apart so it became a rental in nov 2012 (both me and her are on the home loan) then in july 2013 i paid her out and re financed and the property has remained a rental in only my name since.

because i refinanced will it be considered as 2 seperate home loans?
will me living in the house prior to being a rental count for anything?
because of the first loan we were alot ahead of were we need to be. my second loan was 37300 and im expecting to get 540000 to 560000 if i choose to sell. can market value help me out at all here on raising that 373000?

any answers or advise would be great thanks cant get much of the ato site just go around in circles.
  • Trudi | 29 Aug 2016, 08:09 PM Agree 0
    You need to talk to an accountant!

    But briefly, how many loans you have, how much you owe and how many times you have refinanced the property is completely irrelevant when it comes to CGT.

    You do not state if you own or rent your current residence. If you have lived in a PPOR which you then rent out, you have up to six years that you can claim this property as your PPOR for CGT purposes, in other words, CGT does not apply. If, however, you are owner occupier of a second property, you decide when you sell either of these property which one was your main property during that period. See

    But, as I said, see an accountant and put all facts before him/her and it will be money well spent.
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