across the bar

Proposed tax breaks for primary residences

by Nicci - Posted 06 October 2009

Individuals who own their primary residence in a Company, CC or Trust, can transfer their property into their own name/s without having to pay Capital Gains Tax, Transfer Duty or Secondary Tax on Companies from 11 February 2009 to 31 December 2012.   

The Taxation Laws Amendment Bill has now been extended to include Trusts as well.  The amended section includes the transfer from a Trust to a beneficiary of that Trust if the beneficiary is resident in the home and had contributed to the cost of acquisition and maintenance of the home.

The requirement for an individual to qualify is that they must personally have resided in the home from 11 February 2009 to the date of transfer.  Tenanted properties or holiday homes would therefore not qualify.

For more information, contact Nicci on (021) 465 9175