Tax QnA - Property Investment Q&A

• Tax Q&A: Capital Gains Tax implications on co-owned properties

  I own 80% while they each own 10%, and it was my primary residence but not theirs read more

• Tax Q&A: CGT on main residence rented out for more than six years

  As the Australian house was rented out for more than six years, even if you elected to use the absence rule to continue treating it as your main residence for capital gains tax (CGT) purposes after you moved out, the maximum period of exemption would be the first six years of rental read more

• Tax Q&A: Minimum period required to re-establish property as main residence

  An owner can move back in to re-establish a property as their main residence when the six-year absence period expires. If the main residence requirement during the second residence period is satisfied, the owner will be entitled to another six years of capital gains tax (CGT) exemption if they later move out and rent it again read more

• Tax Q&A: Calculating a capital gain or a capital loss

  You must work out capital gain or loss using the market value of the dwelling at the time you first used it to produce income read more

• Tax Q&A: Can we use the six-year rule to reduce CGT for multiple properties?

  Is it possible to only claim four years instead of six so that when we sell our other house we would only pay two years of CGT? read more

• Tax Q&A: Does CGT exemption apply with foreign property?

  It is considered that I’m making no profit and hence pay no CGT read more

• Tax Q&A: How to avoid paying land tax?

  We don’t have regular large sums of money to pay land tax. I’ve spoken with the Office of State Revenue and they simply say we are a 'company' – so we must pay. read more

• Tax Q&A: Are non-tax residents’ entitled to CGT exemption?

  A foreign resident for tax purposes includes Australian citizens and permanent residents who are not tax residents of Australia read more

• Tax Q&A: What is the minimum period for a dwelling to become your main residence?

  "It would be devastating to find out when we want to sell that we didn't live in the property long enough and have missed out on the exemption" read more