Category «Capital Gains Tax – General questions»

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 …

Non-resident CGT on sale of Business

Question I am a Singapore Resident for taxation purposes, as per Article 3 Section 2(a)(i) of the Singapore Australia Double Taxation Agreement, as I have a permanent home available to me in Singapore and don’t have a permanent home available to me in Australia.I am the sole Director and Owner of a ‘Singapore PTE LTD’ …

CGT on PPOR if rented

Question My PPOR is avaialble to rent as a holiday house via a real estae agency with a management agreement in place. I am using the 6 yr rule. i want to use the house for 3 weeks and I beleive i won’t be liable for CGT on the personal use portion if it is …

Subdividing rental property and changing names.

Question My husband and I own 3 old rental properties in joint names and want to subdivide one (purchased 2001) and build two new houses to rent out long term. To reduce liability issues and land tax we want to have one property in each name. We are told we can remove one name from …

Tax implication of subdivision of family home

Question We purchased our family home in 1996. The house is on a large block, which we would like to subdivide. My understanding is that if we subdivide the block and sell the land with planning approval, we are not liable for GST and CGT. If, however, after subdividing we build a house on the …