Category «Capital Gains Tax – General questions»

PPR & CGT

Question Hi Julia,Our situation is such, we purchased an old weatherboard home in April 2009 planed to build a stock home on it to move in and then sell our PPR to pay down the loan. After engaged the builder, knocked down the weatherboard house in May 2009, we changed our mind in July 2009 …

An investment property changing to a PPOR, then being rented out again and then sold.

Question We have sold what was our PPOR and moved into one of our investment properties that we have owned for 8 years, during which time it was continuously tenanted. We intend to live it the house for 1-2 years but will probably move out and re-let it for several years, then sell it. While …

Sale of a home originally built to sell but rented for 3 years.

Question We bought a block of land and built a house on it with the intention of selling it on completion.The house did not sell so we rented it for 3 years.We have re-paid some of the gst that we claimed during construction,by adjustment each June BAS over the last 3 years, in accordance with …

CGT relating to holding costs of the principle place of residence that was rented out for 1st year of ownership

Question Dear Julia,My principal place of residence was used as a rental before I lived in it for the 1st year of ownership and I understand it will carry a pro rata CGT liability.I believe I can claim for any improvements to the property irrespective of when they were carried out and deduct this from …

Structuring of our family home – title in which name for main exempion and Asset protection

Question HiStructuring of our loan and title in which nameWe have recently bought a home which we plan to live in 6 months and then rent for 5 years and then knock down and build and live in next 20 years and treat as our main residence (using the 6 year exemption rule).My husband is …

Apportionment for CGT and loan interest deduction for main residence partially used for rental

Question I am purchasing a property on one title and contract has exchanged. I’m about to set up my loan, and have been thinking about how to account for the rental part of the property.I will live in a 2 bedroom house with an attached 2 bedroom granny flat which I will be renting out. …

Capital and Interest Apportionment on Building a Duplex

Question We bought an old property to live in which we rented out for around 1.5 years while we went through the DA Process to build. We found out that we could build a duplex, so we decided on that, with the intention of renting out the upper duplex and living in the other.The property …

Six year rule

Question Hi I have an investment property that I purchased under six years ago. I moved into the property immediately for a six month period and then commenced renting it. It is still rented today. Since then I have not owned another property that was my PPOR. I would like to sell it before the …

CGT AND GST ON DEVELOPMENT

Question QuestionWould you go ahead and build as planned under the following circumstances?GRAND PLAN: New development proposed on PRIOR PRINCIPAL PLACE OF RESIDENCE purchased as private home in 1998BACKGROUND INFO:As tenants in common owners completed a 4 unit development in 2009 on land purchased for intention of building rental properties. (not the P.P.R)Three of the …

unit development

Question I purchased a property in march 2008 in the name of our discretionary family trust,with the intention to use as a rental property.It was rented for a period of 14 months.At this point in time severe structural termite infestation & water damage was discovered & it was determined the dwelling was to far gone …