Join our investing community

First home

Discussion in 'Accounting, Tax & Legal' started by pearls, 29th Oct, 2012.

  1. pearls

    pearls Member

    Joined:
    20th Aug, 2012
    Posts:
    17
    Location:
    qld
    Hi,

    I own a unit in which I lived for about 14months after purchase and then rented out and moved into a rental property. Now, I wish to sell the unit, should I pay any tax if I could manage to sell it for a profit?

    Kind regards

    Rach
     
  2. Terryw

    Terryw Well-Known Member

    Joined:
    9th Jun, 2006
    Posts:
    653
    Location:
    Sydney
    The unit could be CGT exempt because you had lived in it. Check with your tax advisor.
     
  3. Simon Hampel

    Simon Hampel Co-founder Staff Member

    Joined:
    9th Jun, 2005
    Posts:
    4,619
    Location:
    Sydney, Australia
    How long has it been since you moved out? Do you still rent?
     
  4. pearls

    pearls Member

    Joined:
    20th Aug, 2012
    Posts:
    17
    Location:
    qld
    Hi Sim,

    It's been 4 months I rented my unit and moved out and staying in a rented one. will it make a difference the term of my occupancy of my property? that is the only property I own which I can call as my main residence. Now, I wish to sell and buy some thing closer to my work. could I be able to claim any tax if i sell this and buy other property ( off course I will claim on the depreciation and other items for my own unit for which I will be paying 50% tax from rent I receive)


    Kind Regards

    Rach
     
  5. pearls

    pearls Member

    Joined:
    20th Aug, 2012
    Posts:
    17
    Location:
    qld
    Thanks Terry for your reply


    Kind Regards

    Rach
     
  6. Terryw

    Terryw Well-Known Member

    Joined:
    9th Jun, 2006
    Posts:
    653
    Location:
    Sydney
    You can claim all the normal expenses and it could be CGT exempt as well for up to 6 years if you are not claiming another property as your main residence.
     
  7. pearls

    pearls Member

    Joined:
    20th Aug, 2012
    Posts:
    17
    Location:
    qld
    Sounds great!!


    Thanks so much Terry :)