Do I have to pay Capital Gains Tax?
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Q. Our son has just purchased a unit as owner/occupier but cannot move in until current lease period has expired, which is 14/01/09. Does this preclude him from the capital gains exemption as an owner when he does finally sell, after one year of ownership of course.
Josie’s answer: Capital Gains Tax is a confusing area of tax law and it is really a question that needs to be directed to an accountant. Anyway, I will give you my understanding of the way it may apply to your son’s situation. He may be subject to some capital gains tax, however it will be pro-rated when he sells. For example, if he Read more
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