Category «Capital Gains Tax – General questions»

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 …

Adjusting cost base for Div 40 items

Question Hello,I sold an investment property in Nov 2007 that was acquired in 2000The unit was built in the 50’s but was modified in 2000 prior to being purchasedI arranged for a depreciation schedule to be undertaken at the time of purchase and have applied the Diminishing Value Method for Plant & Equipment and Building …

Application of Capital Gains Tax

Question I purchased a property with my late wife as tennants in common in 1979 prior to the introduction of capital gains tax.In 1989 my wife passed away. We had lived in the property from it’s purchase.On my wife’s death the title to the property was automatically transferred/transmitted into my name soley. I continued to …