Monthly archives: August, 2013

CGT Deceased Estate

Question My Mother inherited a vacant block of land under her sister’s estate. Her sister bought the block of land on 23 June 1992 for $14,000. Her sister’s died on, 20 March 1997, time of death block of land had a market value of $32,000. Helen sold the block of land on 14 June 2013 …

Sub Division

Question I have a trust set (owned 50/50 by 2 trusts)up with the following:1000sqm block – one old house rented out and building strata – new house at the back of the block – rented out – 2 years old.in Geraldton wa.1250sqm block in Frankston South VIC with old house and granny flat. currently rent …

Land purchase with plan to build home on to eventually retire to.

Question My wife and I own our current home, purchased in 1982.We have just purchased a block of land down the coast (May 2013) and paid cash.We plan to build a house on the block within the next 12 months, and will use this as a weekender or for holidays over the next several years. …

Australian tax on sale of UK property

Question BackgroundMy wife and I (dual UK/ Australian citizens) have a house in London which we rent to tenants. We are registered with the UK’s tax authorities and, following interest, expenses and allowances, have had little or no annual tax liability on the property. UK tax Returns are submitted annually.The house has been leased to …