Am I liable for CGT when I sell my property?

Q.

I bought a property in 1992. Dad and I lived in it until I moved out to my (now) wife's house in February 2005. The property was valued at $240k and Dad has continued to live there, not paying any rent just the rates, and I have continued to pay the mortgage. I am about to sell the property - will I need to pay capital gains tax? If I do - what claims can I make against the tax?

You should take advice from an accountant but on the facts provided you would be liable for CGT only on any increase in value since February 2005 when you moved out. However, if you have not purchased any other property since moving out you should be able to take advantage of the six year exemption rule and the whole of the gain should be tax free.