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Leon
Leon, Solicitor
Category: Australia Law
Satisfied Customers: 45302
Experience:  24 years experience. Admitted in New South Wales and the UK.
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I'm going to be inheriting a fairly decent amount of money

Resolved Question:

I'm going to be inheriting a fairly decent amount of money from a share in two properties from my recently passed parents. How would I go about finding out about how much capital gains tax I would have to pay?
Submitted: 1 year ago.
Category: Australia Law
Expert:  Leon replied 1 year ago.
Good AfternoonMy name is ***** ***** I am a NSW Solicitor. Thank you for your question, and will do my best to assist you with your question. Please understand this is not legal advise Please understand this is not legal advise but a guide to assist you.When were the properties purchased? Was it before or after 20 September 1985Are the properties being sold by the executors or transferred to the beneficiaries?
Customer: replied 1 year ago.
Hello Leon, thank you for replying. The properties were bought in the 70s before CGT. The properties will be passed down to the beneficiaries to sell.
Expert:  Leon replied 1 year ago.
Good AfternoonThe the value of the properties for CGT is what they are worth on the date your last parent passed away. So if that is only recent and you sell there is no CGT payable. I hope this makes sense and is of assistance. If there is nothing further thank you for using my services. If I have missed anything, or you have any further questions please let me know If there is anything else in the future please do not hesitate to ask. Please do not forget to leave positive feedback. RegardsLeon
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