• Obtaining a property

    You can obtain a property by:

    • buying it
    • inheriting it
    • receiving it as a prize
    • receiving it as a gift
    • way of transfer as a result of a marriage or relationship breakdown.

    Remember…

    • Generally, you can only declare the income you earn from the property and claim your related expenses if your name is on the title deed.
    • You may be able to claim a tax deduction for costs related to purchasing your property. If not, they may be included in the capital gains tax cost base (cost of ownership) when you sell the property.
    • The date you enter into the contract is your date of purchase for capital gains tax purposes, not the settlement date.
      Last modified: 29 Jun 2015QC 18218