question
Q: Hello,
My partner and I have a rental property that is costing us a fortune in ACT Government Land Tax.
Our tenant is my partners son and we are looking at getting him to purchase a third of the property so it will no longer be a rental property.
There is still a mortgage on the property of around $310,000 and the property estimated value would be around $580,000.
What is the best way to go about this and is there any way of preventing (or minimising) Capital Gains Tax?
Regards,
Michael
