Category «Capital Gains Tax – General questions»

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 …

Capital Gains Tax on a farm sale

Question My wife’s parents who reside and were farmers in England (now retired) purchased a farming property here in the Esperance area in Western Australia 15 years ago (March 2002). My wife and I are farmers (graziers)and we have leased approx. half of this property which was not suitable for cropping, since at a reduced …

CGT on sale of Gold Coast Unit

Question My wife and I bought our house in Brisbane in 1974 – i.e.pre CGT, so it is CGT exempt. We lived in it for 22 months before renting it out for 7 years while we lived overseas. We moved back into the house in 1984 and have lived there continuously since then.We then bought …

Third Element in spreadsheet and PPR aportionment

Question Hi Julia,I would like to get a clarification of a question that my accountant asked.I have completed the BanTacs CGT calculator spreadsheet and all is fine. The concern she has is that with all the items of the Third Element( Costs of Ownership) included then in line 57 (Percentage of Time Not Covered by …

Cost Base of property & Frjnge benefits tax

Question Hi Sir/Madam,I have a property in a trust (not trading trust, just a discretionary family trust) which is really my home residence. The residence was put in a trust for asset protection as my job can get sued personally.Question 1:As there was no rental income generated in the trust as I have been living …

Capital Gains PPR Exemption

Question Hi Julia.I have a client who purchased a house in Aug 2008. Upon purchase they moved in straight away until they left the house in Jan 2012 from which time it was rented until sold in March 2016.From the time they moved out they rented another property until July 2016 at which time they …

Investment Property Capital Gain tax, GST implication for Splitter Block

Question I purchased a splitter block in Sep 2015 in Brisbane via unit trust. Me and one of my relative – both hold 50% of units personally. It was settled in December 2015. My intention was to rent house while subdivision plan were in progress. Once subdivision is approved(into 2 lots), I want to demolish …

Transfer of Ownership – non resident tax purposes

Question Parents would like to transfer the ownership of vacant residential property (with house) to daughter (above 18 years old).The Parents are non residents for tax purposes (do not stay more than 180 days in Australia a year)What tax implications are likely to be faced & any strategy to minimize any potential tax implications.Facts:Property purchased: …

Sequence of sales for main residence exemption

Question Dear Julia,I have a question about the main residence exemption.I have two properties which will need to be sold in the next year. I would expect there to be a modest but not insignificant capital gain on both properties.I purchased property A in September, 2013, and lived in it for 15 months, and it …