Is there any way we can avoid a CGT liability on the sale of the
investment property?
Q.
My partner and his parents have an investment property in joint
names which they rent out. We want to buy our own home and now want
to sell the investment property - is there any way we can avoid a
CGT liability on the sale of the investment property?
A.
You could canvas the position with your accountant but on the
information provided there is no way I could see that CGT could be
avoided. If the parents were eligible to contribute to super, and
also eligible to claim a tax deduction for their contribution, it
may be possible to reduce CGT by moving a hefty chunk of the
proceeds to super. Make sure you take advice on this.
Each week financial advisor Noel Whittaker answers your
questions.
