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Stepped up cost base for your former main residence
For more information, contact us on 02 9957 4033.
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Did you know you could obtain a stepped-up cost base for your former main residence?
Where you cease to occupy a house as your main residence and the house is then used for income producing purposes after 7:30 pm on 20 August 1996, you are deemed to have acquired the house at market value on the day it is first rented out.
You can even combine this rule with the 6 year absence rule, which allows you to continue to treat the former main residence to be your main residence for the 6 year period it was rented to tenants. This strategy will significantly reduce the potential tax impost on sale of your former main residence.
Obtaining a property valuation at each potential point may be of value to many taxpayers.For more information, contact us on 02 9957 4033.
Want more tax tips? Follow us @batescosgraveCA
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The material and contents provided on this website and in our print, email or downloadable publications are informative in nature only. It is not intended to be advice and you should not act specifically on the basis of this information alone. If expert assistance is required, professional advice should be obtained. Liability limited by a scheme approved under Professional Standard Legislation.
The material and contents provided on this website and in our print, email or downloadable publications are informative in nature only. It is not intended to be advice and you should not act specifically on the basis of this information alone. If expert assistance is required, professional advice should be obtained. Liability limited by a scheme approved under Professional Standard Legislation.
