Making property a present

654789Capital gains tax is payable when a capital gains tax event occurs. There are in all 12 main types of capital gains tax events designated by letters of the alphabet from A to L. These main categories can in some cases have up to 12 different specified capital gains tax events.

Q. A family property was gifted to me 15 years ago and is located in Melbourne. I live in Perth where I have my own home. No rental income has ever been derived from the property in Melbourne. All associated costs, including property maintenance, rates and insurance have been paid by a family members?

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