So if your rented your property out for over 6 years how long would you have to reside back in the property to be able then sell it with no CGT applied? I can't seem to find this info on exactly how long you would need, thanks.
I want to sell my Primary residence and move into a new Primary residence in 6 months. I have lived in this one for 3 years. Will the entire CGT amount be tax exempt?
If this is about investment properties then all that stuff is a claimable expense. The info is wrong you are providing. Brings into question your qualification!
Hi, Thanks for the video. What happens if you have a place in Australia that you consider your primary residence, but have lived in the US for 7 years. We have been using the place for 3-4 months every year and one year we used it just under 6 months. Thanks!
Hi there, if you win a property in a competition. If you have real-estate agent give an appraisal straight away. Can the appraisal be used as the tax free price before capital gains before selling?
You sell when the market is best to sell…... If the market is awful and you are getting a pay rise that would tip you into the next tax bracket, you will need to seriously consider the cost savings compared to trying to sell in a market that is really poor. It is still probably going to be worth your while to wait until the market improves prior to selling. Unless of course your pay rise is going to put you into a tax bracket that was significantly higher than what you were already being taxed at and you are in a position where you don’t have a choice to wait for the market to improve.
Regarding the 6 year rule, if I bought an investment property in August 2023 and have rented it out to live with parents, can I move into the investment property in 2027 for example to wipe out capital gains tax completely (primary place of residence)? Or do I need to live in the house within the first year before moving out of it and come back within 6 years? Help understanding this would be appreciated
I think I’m finally starting to understand franking credits. You’re a legend. Please keep talking to us like we are 3 year olds. It’s the only way I’m going to get this 😂 thank you 🙏
Hey, cheers for the superb video. Got a question for you. When we buy stocks or an investment property do we put the purchase price + fees as capital loss for that year and simply calculate the gain/loss by subtracting from the sales price after selling it (after a few years)? OR do we need to keep a record of all the expenses like purchase price, fees, renovation cost etc somewhere until we sell it to calculate the actual capital gain/loss? Look forward to your answer, cheers!
Always love your video's !! Do you have a video on selling rental property and putting the proceeds into a retirement account to save on Capital Gains? Thanks!!
Always love your video's !! Do you have a video on selling rental property and putting the proceeds into a retirement account to save on Capital Gains? Thanks!!
In my opinion, the most useful strategy average Joes should focus on is to hold each investment property for a year before selling for the 50% tax discount. 🙏
Can I have an investment property be my primary residence if I run my business from home? I'm looking to make my first home an investment property that I live in so i can claim depreciation every year. Many thanks
Hi Micheal, at the end, you mentioned writing off capital loss of shares against capital gains of property. You can't do that. The asset class has to be the same.
what if you buy a house keep it for 1 year, then subdivide into two houses (duplex) and sell both in less than 1 year, does it goes by the old address purchase? or the new completed duplex finished being built
Please make videos on following topics, bcz no credible Australian perspective is there on RU-vid on these. 1. how to do (ie links to trading website) currency trading & what will be final costs of liquidating foreign currency. eg I make 10 back & forth AUD to USD trades converting 100k AUD to 200k USD in 2yrs & wanna liquidate 200k USD 2. How to trade commodities like oil, also in terms of shorts & futures in Australian market ...Also a separate video on how to in US market from Australia.
I don’t think one can claim interest and land tax if it’s an investment property as those expenses would have been included in the deduction when you do the annual tax return. ATO example did not include these expenses. But I am happy to be corrected.
just remember one thing, the ATO is primarily aimed at getting as much tax from people as possible. When it comes to any form of business expense, then it is deductible, otherwise your going to be charged tax on "profit" which doesn't exist.
I think this is misleading. The ATO website clearly states that to benefit from the new rule it needs to be a bona fide arrangement which corresponds to a lease. The lease needs to follow the ATO depreciation table, which makes the calculation different than what you showed on the table.
Thanks Michael Great video, Just wondering if say you first rent out a property then decide 3-4 years down the track decide to live in it for 6 + months will the six year rule apply therefore can you avoid the capital gains for the 3-4 years you rented it out
Great video. If I buy a property with cash in my business, and then refinance, is the cash out from the loan treated as taxable revenue for the business or personal?
thanks for the video Michael. I've been extremely slack with my property investment tracking so just spent a day getting everything up to date and used your spreadsheet which was extremely useful! 🙏
