Tax Questions Answered

This advice is general in nature and should not be acted upon without first obtaining professional advice on your particular circumstances.Please note that the answers, to other people’s questions, that you see here, are very specific their question. You cannot rely on them for your particular circumstances. Further, if you do askbantacs, before you act on your answer, you need to run it past your Accountant, who will understand the wider implications to your particular situation.

Monthly archives: December, 2014

Inherited Property Sold

Question Due to the sale of an inherited dwelling in May this year I am now facing an income tax return with CGT involved and I want to know how the capital gain can be calculated. Specifically, which year will be the cost base, will partial exemption apply and will the 50% discount apply?My partner …

CGT

Question I bought a property in Darwin in April 2003. It was in my name only. I lived in it from the purchase date until end of September 2011.This property was then rented out from 1 October 2011 until 10/9/13 and I then sold it on 23/10/13.I purchased another property in Sydney in joint names …

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