Children living rent-free

I AM 61, my wife isn’t working and we live with our children in a house we own outright. If I bought another property in my name with money from super, and my children lived there rent free, would I be liable for CGT if I sold it in a few years’ time? Would my children incur any tax liabilities by living rent free?

There would be no tax implications for the children if they lived there rent free, but you would certainly be liable for CGT if the house had gained in value when you sold it, and it had not been your residence. I’M 63, semi-retired, and working about 10-15 hours per week. My husband is about to turn 65 and intends to work for at least another five years. Can I still get a pension if he is still working when I become of pensionable age?

Both your assets and his income will be taken into account when you apply for a pension. This is the time to be forming a good relationship with a top financial adviser. LAST year we won a house worth $950,000 and a unit worth $400,000. The house we won is still on the market. We sold the unit in September for $415,000 as well as the house we lived in for 15 years and bought another house to live in. Will we be expected to pay CGT on the sale of the unit and the house when it sells?

You will only pay CGT on any net increase in value between winning a property and selling it, but after selling and holding costs there is unlikely to be much gain. There is no tax on the original prize.