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Tax Questions Answered
Question Purchased house and lived in it 5 July 1991Moved to USA and rented it 5 July 2001Moved back to AUS in 2010but did not move back into PPOR (did not have another PPOR)Sold PPOR 7 Nov 2011Question: Do I use reset cost base as at 5 July 2001 and if so, am I able …
Question HiIn January this year (2012), we relocated from Melbourne to Brisbane to be nearer my parents due to their deteriorating health. Previously I have flown up from Melbourne for all my parents major medical appointments as I have a strong connection with my family.On a visit at Easter 2011 after toying with the idea …
Question Hi JuliaI hope you are able to help. I have a number of inter-related questions about the potential sale of a UK property.I purchased a property in London in 2000, owned ¾ by me and ¼ by my sister although she is not on the title.I renovated the property and then moved straight into …
Question I talked to ATO but still not clear on the cost base.We bought PPOR in 2004 and moved in asap. Plan to build a 1 bed unit on land but not subdividing. We will rent to a third party so under TD1999/69 it is a separate household. Income will be declarable.ATO says we apportion …
Question I purchased my home approx 17 years ago for approx $200,000.I have lived in it for the entire time and it is now worth approx $1mill. It is possible to subdivide the land into two (side by side) blocks but I will not do so, if I lose the full capital gains tax exemption. …
Question We bought a 910m2 subdividable duplex block with an old house on it (Perth suburb), we signed the offer in July 2009 and it settled in October 2009.We planned to demolish and build a new PPORWe did not rent out the property.We demolished the old house in July 2010 and obtained a building licence …
Question Dear Julia,A bit of background information to start off with:· A friend and I bought a single-story shop over a year ago fifty-fifty with the intention of building two residential apartments above it, one each. On completion of the build we aim to sell off the shop, or if that isn’t possible, rent it …
Question I am an Australian working in Hong Kong on a two year contract – non resident of Aus. We have rented out our family home since moving here in Feb however have decided to look at selling the property. Are there any CGT implications if we do this whilst a non resident? Answer Providing …
Question Hi,I am a Non-resident for tax purposes (Australian) having lived in Tokyo for over ten years. I inherited the family home after my mother passed earlier this year.I have been renting it to a family friend and have made significant improvements to it – (around $36,000 Australian). The Family friend would like to purchase …
Question Dear Julia,My husband and I are moving back to Australia in February 2012, when my current 3 year overseas work posting concludes. We have both remained Australian residents for tax purposes. My work involves an expectation of ‘regular’ postings throughout my career (for approximately 3 years out of every 6). My husband expects to …
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