Umbrella Accountants – Property Accountants Brisbane If you rent out your principal place of residence that was acquired after the 20th September 1985, there may be a CGT issue to consider! Properties purchased before 20th September 1985 will not be subject to CGT regardless if rented out. If your principal
Umbrella Accountants – Property Accountants Brisbane Renovations completed after 1985 can be deemed to be a separate asset to the original property, and hence CGT will be applicable. Example John & Mary purchased a residential property in 1984 for $195K to use as their primary residence. In 2000 they moved
Selling your backyard may mean paying tax Joe & Mary bought a home on a large block of land (1,000m2) on a corner block with two street frontages in June 200 for $350,000. The house was valued at $120,000 and the land at $230,000. Now some 13 years later, land
