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cgt on 35 year old house

Discussion in 'Accounting, Tax & Legal' started by pauldo, 3rd Feb, 2010.

  1. pauldo

    pauldo New Member

    Joined:
    3rd Feb, 2010
    Posts:
    3
    Location:
    brisbane
    I have had a house for 35 years.
    In that time it has been rented out for about 12 years.
    I have owned the house for 25 years.
    Six years ago i borrowed to by another house that i live in and rented out my first house.
    The last six years is the only time it has not been my ppor.
    How do you think i go with cgt.
    Thankyou
     
  2. Shady

    Shady Well-Known Member

    Joined:
    13th Feb, 2009
    Posts:
    52
    Location:
    Sydney NSW
    Capital Gains Tax was introduced in Sept 1985, any asset purchased prior to this date does not attract CGT on the disposal of the asset.

    Regardless of whether you lived in it or not.

    See a financial advisor before you sell it as it might be better to keep it.
     
  3. pauldo

    pauldo New Member

    Joined:
    3rd Feb, 2010
    Posts:
    3
    Location:
    brisbane
    Thankyou for that info
     
  4. MattR

    MattR Well-Known Member

    Joined:
    23rd May, 2007
    Posts:
    229
    Location:
    Sydney
    You've had a house for 35 years BUT you've owned the house for 25 years - What happened that created that difference and when?
     
  5. pauldo

    pauldo New Member

    Joined:
    3rd Feb, 2010
    Posts:
    3
    Location:
    brisbane
    What i ment was i paid it off in 10 years