Ask Ban Tacs
Tax Questions Answered
Question Hi want to help my daughter buy a home . I like simple but I also want to protect the asset as much as possible from her live in boyfriend. I want to avoid capital gains tax where possible . I was especially interested in page 78 of " Winning Property Tax Strategies " …
Question September 2014 my husband and I sold our home and purchased a property on 774sqm with an old house. Our intent was to demolish the house and build a new home for ourselves. We moved into the old house immediately after settlement and intend to live in it until the new house was ready …
Question what are the income tax and or capital gains tax (cgt) implications on the sale of ten (10) pre 20 september 1985 subdivision blocks of land under the following four (4) scenarios:-1. outright sale of ten (10) subdivision blocks of land in 2015.2. outright sale of eight (8) subdivision blocks of land in 2015 …
Question I owned and resided in two apartments that had been joined together and when the building was built . It was two titles and were not capable of being sold individually at the time I moved to a retirement complex . I lived in the apartment for 4 years . When I moved I …
Question Due to the sale of an inherited dwelling in May this year I am now facing an income tax return with CGT involved and I want to know how the capital gain can be calculated. Specifically, which year will be the cost base, will partial exemption apply and will the 50% discount apply?My partner …
Question Hi there.I would like to confirm the following.I have a client who had a PRR. It was purchased Nov. 2009. He lived in it till Feb. 2012 when it was first rented out. Market value at Feb. 2012 was $510,000. When my client moved out he rented another property and has not purchased another …
Question I am going to buy a unit to renovate & sell within approx 3 years, I intend to let my daughter live in it after the renovation until I decide to sell. I was not intending to charge her any rent. When I sell,will the capital gain/loss be affected if no income is derived? …
Question Hi JuliaFurther to my email 23/9/2014. Subject: MakoShark CGT obligationI have sold a property and triggered a CGT obligation. I am having trouble understanding how the numerous "rules and exemptions" (i.e. 6 Year Rule, 4 Year Rule, 6 Month Exemption, etc.) apply in my situation.Please refer to my email for a .pdf explaining the …
Question Hi again Julia,Thank you very much for your reply. As you have indicated it would bedifficult to argue that we are not building with the intention of selling.What we have decided to do is to move into the unit we intended to live immediately after the completion of the construction (which will become our …
Question We (me & Spouse as joint tenants) recently purchased IP with intention to rent. Land is zoned for apartments so we have decided to build units and rent our share of units. To reduce the risk (financial and liabilities during construction phase), we plan to form a JV with our company (me and my …
In addition to the Ask Ban Tacs service, the BAN TACS Accountants group offer a selection of digital products to help you including Getting Your Affairs in Order, The Property Cashflow Calculator and The Capital Gains Tax Calculator.
Visit the BAN TACs Shop