Hi,
My brother wishes to gift me 50% of a property (not his main residence). It was purchased in 1997/1998 and is used as a holiday home by our families (it has never been a tenanted property). It was purchased for $78,000 at the time is worth about $500,000 now.
I am aware that I would have to pay SD on my share.
My question is, would my brother be required to pay CGT on the portion of the property he's gifting to me? If so, how much could he expect to pay and is there any way we could avoid this under Property law?
My brother wishes to gift me 50% of a property (not his main residence). It was purchased in 1997/1998 and is used as a holiday home by our families (it has never been a tenanted property). It was purchased for $78,000 at the time is worth about $500,000 now.
I am aware that I would have to pay SD on my share.
My question is, would my brother be required to pay CGT on the portion of the property he's gifting to me? If so, how much could he expect to pay and is there any way we could avoid this under Property law?