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Question My question has two parts, in relation to CGT on the sale of investment property. a) from the 2018FY all owners of investment properties have been unable to claim traveling expenses related to annual inspections, or travel to carry out works at properties between tenants. I have kept detailed account of all such travel …
Question Hi there I’m wondering if you can help me here on working out any capital Gains Tax I will have to payI have just sold my home for $1 100 000 with settlement to occur on 11 Jan 2024I have rented out part of my home for the last 2 years and I’d like …
Question I purchased a property in December 2018 for $820,000 it is now valued at $1,800.000. This property was bought by me with my finds, however at the time I decided to included my daughters name on the property title. We both own 50% each, as Joint Tenants. I have lived, and I’m still living …
Question I have a client who signed a contract to sell his farm (going concern) on the 16th of June 2022. The settlement didn’t take place until the 29th of July 2022. In the contract, the plant & equipment were allotted a ‘nominated’ price of $100k. In the contract, the livestock were allotted a price …
Question My father died recently and I am helping Mum to decide whether to wind up the family Trust. I am a beneficiary of the Trust and per her will would receive one-third of its assets when she dies. For simplicity, let’s assume I inherit it all. The Trust and its assets are in New …
Question You have helped me not long time ago. I have decided to sell my land. I wanted to ask you to help me this time with very simple enquiry: It is about CGT again but this time regarding to sale of my land. I wanted make sure that I am eligible for 50% discount …
Question This is continuing from our emails & is related the previous question CGT Start Date on Inherited property. Question is, what are my Capital Gain ramifications and if I am not entitled to the 50% CGT discount plus the tax free component how long would I need to return and live in Australia for …
Question I am a U.S. citizen, became Aussie tax resident May 2012, transferred U.S. family home to a U.S. “living trust” Sept. 2012. (A living trust is basically an estate planning vehicle; title changes, but the tax treatment on the U.S. side remains the same as if the home is still individually owned for CGT/income/etc.) …
Question I originally sent in the below question back in September 2020, which you responded to – thank you. However, another part of the story has revealed itself – see bottom of original question:- My client inherited a beach house in 1975. This house was his main residence until 1982 at which time he and …
Question My client inherited a beach house in 1975. This house was his main residence until 1982 at which time he and his new wife bought a bigger city home together. They kept the beach house – it was never rented out ever – it has only ever been for private family use. In 2012, …
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