Monthly archives: May, 2020

Choosing Which Main Residence to Cover When Children are Living in Your Old Home

Question Capital Gain in a Trust with revenue losses. Trust has only one beneficiary. Trust has revenue loss for the year of $29,788 with a Gross Capital Gain of $200,000 on the sale of the Business. Therefore accounting distribution is $170212. Tax return has a Capital Gain (Net after discount and active asset reduction) of …

Distributing Discounted Capital Gains to Trust Beneficiaries

Question I have several questions regarding how Capital Gains Tax would apply to a transfer of title of a residential property to one of my children. Background: In 1981, I purchased a residential property in Sydney and I was registered as the sole proprietor. From the date of purchase, my wife and I occupied the …

Tax, GST And A Builder’s Home

Question I bought a house in NSW with a vacant block adjoining in September of 2018. The block was on two separate titles but purchased from the one vendor. It was purchased solely in my name. We have lived in the house since purchase and have now decided to renovate the house we are in …

Have a question about tax you need answered?

Ask your own tax question here

In addition to the Ask Ban Tacs service, the BAN TACS Accountants group offer a selection of digital products to help you including Getting Your Affairs in Order, The Property Cashflow Calculator and The Capital Gains Tax Calculator.

Visit the BAN TACs Shop