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That doesn't matter in the eyes of the ATO - your parents may still need to pay CGT. Whether they will depends on if the property falls in any exemptions such as PPOR. There is also an exemption where they can sell the two hectares(?) of vacant land adjacant to their PPOR. The issues is whether...

What you propose to do would be messy - from a financing point of view, legal ownership, tax, asset protection and estate planning. Under your current arrangement, your parents are LEGALLY entitled to the profits. It is likely that they would be taxed on the gains etc. Not sure whether you...