Monthly archives: March, 2016

Capital gains Tax

Question I would appreciate your advice on the following in regard to Capital Gains tax.My wife and I as joint tenants own a property at Nerang, Qld, which we held as our primary residence for many years.Since moving to Sydney 4yrs 9 mnths ago we have rented it out.Approx 3 yrs ago we moved into …

6 Year rule

Question Hi,Is it possible to reset the 6 year rule so I can continue to receive rental income and claim PPOR CGT benefit if and when I decide to sell the property. If so how?ThanksCathie Answer Yes, you can reset the 6 year rule as many times as you like but it is important that …

CGT on new dwelling

Question Hi Bantacs· September 2012 we bought a property in Melbourne East. The property had a small house with a large backyard. After settlement we occupied this house. We had two kids at that time both Autistic. After the birth of my third child we decided to build a larger town house in the back …

Property Development

Question HiPlease confirm my understanding or advise on the following:1. I have done a property development in a Trust that is registered for GST. A residential property was purchased, the block split & the existing house sold & a new house constructed on the split block. Summary belowGST ReconciliationMargin SchemePurchase A 25-2-14 561,500Sale A 23-10-14 …

Selling newly constructed property to spouse

Question I am a “mum & dad” type developer and have just purchased another block of land to construct next property (duplex). I have built and sold a couple of properties previously and thus captured as ‘conducting a business’, with sole trader gst registration, BAS, margin schemes etc.My spouse is looking to invest in property …