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I'm getting divorced, I moved out of the family home about 12 months ago and my ex has kept living there. It's taken us this long to work through all the negotiations for the financial consent orders and agree on a settlement. Soon he'll buy me out of the house we lived in together and he'll also transfer some of his superannuation into my super fund. Will I need to pay capital gains tax on either of those?
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Hi Ali,
There should be no Capital Gains Tax on either aspect! As your marital home, never earning rental income, it should be CGT free (I assume you haven’t purchased another house in the last year).
Where these are done on settlement endorsed by the court, generally no tax implications at all.
Good luck with the next phase of life.
Make sure you talk to your lawyer to check you are making a fair arrangement in light of the law and also to avoid stamp duty and any other issues.
the rollover of super from your ex-husbands fund to your fund will have no tax implications. But bear in mind that the rollover needs to be as a result of a FAMILY COURT ORDER, otherwise there may well be tax headaches for both you and your ex. talk to your accountant about this. and while you are there talk about where your super currently is held and do some homework on what is it doing, and things like life insurance and investment performance etc etc.
I know you probably have plenty on your plate getting organised post separation, but dont forget that your super is the thing that will fund your lifestyle in retirement, and its NEVER too early to look at it.
good luck
bc