Category «Capital Gains Tax – General questions»

tax issue regarding property purchased as tenants in common

Question I bought an old house with my cousin as tenants in common (50% each) and built a new house after demolishing the old one.We shared all the expenses in half. After the completion, he use the new house as his main principle of residence and I do not charge he any rent during the …

Capital Loss on sale of an investment property.

Question My wife sold an investment property in 2007-2008 tax year.Incurring a capital loss of $17,000. Can this be claimed against her income tax this tax year ie 2008-2009 Answer The capital loss must be included in her 2008-2009 income as a carried forward loss and continue to be included until it is offset against …

gst

Question My son recently purchased an old house that is on land zoned for units. We plan to form a JV or partnership, demolish the old house and build 6 units. My son is overseas at present and has been for a few years. He is not registered for gst but I am. I will …

Does second property automatically become new Prinicipal Place of Residence at contract date on sale of first property?

Question We owned a property in NSW from 1/5/2000 which we lived in for 2 years. We then moved around with work and rented various properties in NSW and QLD. The original property was never rented out and was intended to be our ‘main residence for capital gains tax exemption’.We then bought another property in …

Will I pay capital gains tax and how much.

Question 2 years ago I bought a unit in Melbourne CBD off the plan. It cost $202000 but I only had to pay $20200 as a deposit. The development is nearly complete but I am looking to sell beforehand. Real estate tells me I can probably get about $235000 to sell now. My question is …

Property used as carpark – as per prior email

Question his is a capital gains question specific to my circumstances – will give you the details and if you can confirm whether it will be a $39.95 special or otherwise the cost involved and how I go about paying.Bought a property jointly about 10 years ago and we are now divorcing so we have …

Wash up Capital Gains Tax

Question Our deceased son left us his 10 acre Gold Coast rental property, which we have retained. Under council laws we are unable to divide the property until around 2020, but we can build a second house on it.Q. If we lived in the second house as our principal place of residence and continued to …

Owner Building & Capital Gains Tax

Question Hi there,My friend purchased a block in March 2008 with the intention of owner-building his principal place of residence on it.He has lived in a caravan on the land since he started building 1 June 2008 and is due to complete the house by the end of this month. He is now going to …

CGT and GST on property sale

Question In May 2007, we bought 2 houses side by side in a Sydney suburb as 2 separate lots. One house was purchased by myself together with my friend for $550,000.00; the other house was purchased by my brother for $550,000.00. We bought them as our first homes and we received the first home owners …

Liability for CGT

Question Hi,I purchased a property in May 2005. I moved in straight away and lived in it for 9 months (until Feb 2006).I rented out the property out for 3 years (Feb 2006 to Feb 2009) while renting a different place for myself, so I figure the property I owned could still be classed as …