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: August, 2016

Transfer of Ownership – non resident tax purposes

Question Parents would like to transfer the ownership of vacant residential property (with house) to daughter (above 18 years old).The Parents are non residents for tax purposes (do not stay more than 180 days in Australia a year)What tax implications are likely to be faced & any strategy to minimize any potential tax implications.Facts:Property purchased: …

Sequence of sales for main residence exemption

Question Dear Julia,I have a question about the main residence exemption.I have two properties which will need to be sold in the next year. I would expect there to be a modest but not insignificant capital gain on both properties.I purchased property A in September, 2013, and lived in it for 15 months, and it …

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