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Skye had entered into a contract to purchase an investment residential property on 1 April 2022 for $500,000. Skye also took over the sellers mortgage
Skye had entered into a contract to purchase an investment residential property on 1 April 2022 for $500,000. Skye also took over the sellers mortgage of $110,000. At the time she paid stamp duty of $30,000. Skye rented it out, but when interest rates became too high she decided to sell the investment property. A third party, Bob then on 20 February 2023, entered into an agreement with Skye, where he paid Skye $10,000 to have 30 days to buy the investment property for the amount of $800,000 if he wished to do so Bob then decided to buy the property, and so pursuant to the original agreement, Skye entered into a contract on 3 March 2023 with Bob and sold the investment property to him for $800,000 what is the cgt consequence of this transaction and net captial gain
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