Did a capital gains tax event happen to you when the property was sold?
No. The Commissioner is satisfied that based on the information provided that you did not have a capital gains tax event, as you were not the beneficial owner of the property. This ruling applies for the following period : Year ended 30 June 20XX The scheme commences on: 1 July 2021
You assisted your adult child to purchase a home. You and your child were on the title of the property. You were also a joint loan borrower as your child was not able to get finance in their own right. You did not use any of your own personal money to finance the property. The deposit for the purchase of the property was supplied by your child. Your child lived in the property. Your child paid all expenses relating to the property such as the mortgage, council rates, and insurance. You did not pay any of the expenses or anything toward the expenses. The property was subsequently sold. All of the proceeds from the sale went to your child for them to purchase another family home.
Income Tax Assessment Act 1997 Section 104-10 Income Tax Assessment Act 1997 Section 106-50