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Question This is continuing from our emails & is related the previous question CGT Start Date on Inherited property. Question is, what are my Capital Gain ramifications and if I am not entitled to the 50% CGT discount plus the tax free component how long would I need to return and live in Australia for …
Question I am a U.S. citizen, became Aussie tax resident May 2012, transferred U.S. family home to a U.S. “living trust” Sept. 2012. (A living trust is basically an estate planning vehicle; title changes, but the tax treatment on the U.S. side remains the same as if the home is still individually owned for CGT/income/etc.) …
Question I originally sent in the below question back in September 2020, which you responded to – thank you. However, another part of the story has revealed itself – see bottom of original question:- My client inherited a beach house in 1975. This house was his main residence until 1982 at which time he and …
Question My client inherited a beach house in 1975. This house was his main residence until 1982 at which time he and his new wife bought a bigger city home together. They kept the beach house – it was never rented out ever – it has only ever been for private family use. In 2012, …
Question Capital Gain in a Trust with revenue losses. Trust has only one beneficiary. Trust has revenue loss for the year of $29,788 with a Gross Capital Gain of $200,000 on the sale of the Business. Therefore accounting distribution is $170212. Tax return has a Capital Gain (Net after discount and active asset reduction) of …
Question We moved to Australia in 1996 and would have continued to do so today but my elderly mother-in-law required looking after and we went back to New Zealand in 2007. During those 11 years in Australia we bought approximately $100,000 of shares (under my wife’s name) and now these shares are worth around $190,000. …
Question I have two rental on the Gold Coast,one will have a capital gain,the other a capital loss,both properties have always made a loss.As I’m a New Zealander can these losses be used against the capital gain. As New Zealand an Australia have double tax agreement what tax rate would I be taxed if I …
Question This is a question about possible CGT liability on death of a partner. I have set out a fair bit of detail – the actual question is way down at the end… So Dad died recent 20th April 2018 aged 97. He and Mum lived at Bribie in a house they bought together as …
Question Here are the underpinning facts (I hope I have covered all that you need): My new wife bought her home (small townhouse on a very small residential block) in Feb 2005 for $330k – and moved into it immediately after settlement as her principle residence In Feb 2014 – my new wife moved in …
Question My land where I live could be subdivided into 2 separate side-by-side lots but the problem is that my house is “in the way,” as it sits in the centre of my block. If I demolished the existing old house, built a new home on ONE block and move in to the new home, …
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