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Tax issues CGT

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JT | 07 Apr 2020, 07:17 AM Agree 0
Hi

If the house i own was re mortgage to another bank and to get extra loan i had to refinance it to investment property 9-8 yrs ago but told the bank i live somewhere else yet but i still been living theres since i re mortgage it to investment property.
This is my only property i got.
Would i have to pay any tax when the property get sold? Like Capital gain tax or any tax.

Regard
John
  • Property88 | 07 Apr 2020, 07:19 AM Agree 0
    Do you mean you refinanced to an interest-only/investment loan?

    The ATO doesn't look at the loan, they look at your behaviour. If you lived in the property the entire time and never produced an income from it, then you should be exempt from CGt.
    • JT | 07 Apr 2020, 07:45 AM Agree 0
      I have it refinance to an investment property so i can get more borrowing capacity. I still live there since and has not produced any income from it
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