A Lesson In Planning Ahead To Avoid ATO Conflicts
Even when the decision is made by an authority such as the ATO, you shouldn't simply accept an adverse and factually incorrect assessment.
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A client purchased a property in Sydney in early 2014 with the intention to be an owner-occupier but due to financial constraints rented it out for a brief period in late 2014 and early 2015 before moving the family in and undertaking renovations. The Property was the only one the client owned at the time. When it was sold in May 2017 the client expected that she would not pay capital gains tax as it was her family home; the primary residence exe…
