Category «Capital Gains Tax – General questions»

Choosing Which Main Residence to Cover When Children are Living in Your Old Home

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 …

Non Resident Sell shares purchased when a Resident

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. …

Selling Australian Property When you are a Non Resident

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 …

Joint tenants of Pre CGT property and Aged care

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 …

When spouses sell one of their homes

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 …

Subdividing a block where you home is in the middle so has to go.

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, …

Getting the best CGT results juggling 3 properties

Question I have three properties, they are as follows: One, was my principal place of residence but is now rented out, I have owned it for 12 months and it has appreciated by around 150K. (Purchased off the plan). Another, owned for 12 months small appreciation, currently rented, Investment property only. The third, currently under …

Airbnb and the main residence exemption

Question This question relates to renting out our apartment while travelling for work. My husband bought the apartment in the eastern suburbs (with mortgage) in 2006 that is in his name. My husband runs a medium sized not-for-profit company that puts on cultural events in Sydney, interstate and sometimes overseas. He also has a tour …

When home not fully covered by main residence exemption

Question A client purchased a property in 2000 and immediately rented it out. 18 months later he moved back into the property, and then moved out again after 2 years. He then moved back in for three years. He then moved out and then rented it out again for 7 years, and has now sold …

Eligibility for Capital gain tax clearance Certificate

Question Hello,I would like to come back to my question on Friday 29 Sept and your response #846 about my situation for capital gain tax clearance for non-resident for tax purpose.Is there any guarantee that I can claim back the whole amount from the 12,5% selling value withheld or I can only claim part of …