Category «Capital Gains Tax – General questions»

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 …

Capital gain tax for non-resident for tax purposes

Question I purchased a property in 2012 for $920,000 then registered it as place of residence and lived there for 10 months then left Australia in July 2013 because I had a job offered oversea.Since then, the house has remained as place of residence with all my utility bills are still sent there. My parents …

CGT and main residence

Question RELEVANT FACTSâ€¢ Mr A purchases Property X and moves in – Dec 2006.â€¢ Mr A marries Ms B and moves into her property (Property Y) – Mar 2010.â€¢ Mr A signs a rental agreement with a real estate agency for Property X â€“ Jul 2010. Rental income is declared and expenses claimed over the …

CGT on property which change of circumstances

Question Hi,My situation is as follows:– I left Australia to work in South Africa 5 years ago and plan now to return in around 2 years from now.– when I left I had a residential house (primary) and holiday residence– 2 years after leaving I sold the residential house and retained the holiday residence.– the …

Subdivision into 2 blocks

Question HiI will try and be clear but there’s a few parts to my question. We live in Brisbane, renting at the moment as we’ve recently sold our PPR in Central Qld. Approx 6.5 years ago we bought a house in Victoria intending to retire there in the future. It has been rented out since …

Capital Gains Tax when a beneficiary has lived in a house owned by a trust

Question Hi Julia,My family trust (of which I am a beneficiary) has owned a house for 5 years. It has been rented out for the whole 5 years and interest has been claimed as a tax deduction, on the loan against the house. The trust has losses of 100,000.If I move into this house,as my …

Whether capital gains tax triggered in the USA

Question My name is Lisa Lark. I read the article titled "Do the sums before bequeathing shares to your children" appearing in the Age on Wednesday, June 28, 2017. I was hoping to ask a specific question in relation to the article, being:My son inherited shares from my aunt under a testamentary trust. She died …

Capital gains tax on sale of residence by a deceased person’s estate

Question Roger and Irene purchased their residence in 1963 as joint proprietors. Irene died in 2009. Roger died in 2012 leaving a Will under which he left all of his assets, including his property equally to his three children Mary, Diane and Yvonne. Probate of his Will was taken out by Diane in 2012. The …

Subdivision of family home & sale for family law settlement

Question I purchased our now family home in Melbourne in 1987 and I have lived in the property since. I then proceeded to meet and marry my now wife in 1990 but the property continued to be in my sole name. The property is less than 2 acres. My wife and I have now separated …