Nov 02, 2017 My brother and I inherited a property in Melbourne after our father passed away in 2016. I would like to explore the option of transferring the title into two trusts – a family trust for my share, and a special disability trust for my brother.
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Can we claim an exemption for the six years out of the 12 years and, if so, when does it apply/not apply?
We bought our company title duplex in June 2013 for $880,000, with the intention of it being our long-term place of residence. However, by the time the property settled a few months later, we were not in a position to move in, and therefore rented it out until June 2014. We then moved into the house and have lived there ever since.
We own no other property and have continued to live in our family home; however, we do pay all the bills, the owner’s rates and the land tax bill. Therefore, is her original home subject to CGT from 2005, or would she qualify for a partial exemption under the six-year rule?
We built a house, our first home, in 2009 and lived in it till July 2015. Then we bought another house elsewhere (a higher-value property than the first home) and moved into it in July 2015. Our first home is currently a rented property, which has been let out from July 2015 until now. We plan to sell the rented property.