Category «Capital Gains Tax – General questions»

Supplementary Question to #586

Question Hello again JuliaYou gave me a very comprehensive answer to my question #586 (27 July 14). I hope this supplementary question does not require as much of your time.I have now moved to my former holiday home and notified change of address. The planning application for subdivision of my pre-1985 city home block is …

CGT on Subdivision of Pre 1985 Home

Question Hello JuliaI do enjoy reading your newsletters and tips.I am 69, and ceased full-time teaching in May 2014. I have a SMSF into which I rolled my teaching super plus shares formerly in my name.My former husband and I jointly purchased our family home in 1974. After separation and prior to our divorce in …

Converting from joint tenancy to tenants in common to facilitate bequests

Question Is it correct that a property held as Joint Tenants "Passes over"the will and therefore any bequests made in it would therefore be rejected by the ATO?On the death of the first owner the survivor would automatically get the whole property. They would then have to write a new will with the bequests in …

CGT and divorce

Question Dear JuliaIn 2008, my husband and I bought shares in a publicly listed company. The shares remained in my name even though they were a joint asset.After my marriage ended in 2013, I sold the shares and deposited all of the proceeds into an online savings account in my name that contained our joint …

CGT on Sale of Farm Land

Question Following the death of her father on 25 April 1999, my wife inherited a 1/3 share of a block of farm land. This land was transferred to her and two sisters under a tenancy in common in 2004.Under a determination by the executor the occupation and use of the land rent free by the …

CGT on property sold from company to shareholders

Question We bought a property for $350k in 1992.We were intending to purchase under our joint names but on bad advice – very bad advice – we ended up creating a company (self and wife are the only share holders) and buying in the company’s name. It has already cost us around $50k (mostly as …

Demolish home to build "semis" and rent one

Question In 2004 we bought an old free-standing house to live in after our first child was born. We moved in immediately and remain there. It is the only property either of us have owned that has been eligible for the main-residence CGT exemption.The house is now very run down and too small (only two …

Proportion of capital gains liable

Question I purchased my unit in Australia in an of the plan contract dated 23 August 1994 (the transaction date was 13 November 1995) for $179,900 while I was working in Papua New Guinea as a non resident of Australia I did not occupy the unit until 14/12/2000.When I brought the unit it was always …

Develop existing property

Question Hi JuliaWe met at the We Find Houses seminar last month. I have a house that I own in my own name, and have tenanted in Adelaide. My then husband and I bought the property in 1997 and then I bought his share of this as part of a property settlement in 2004. I …

Subdivision/Sale of Parent’s Home Before/After Passing.

Question Hi. Thankyou for the opportunity to achieve some hopeful clarity on a confusing situation during a difficult time. My father now resides in a high-care dementia facility and I feel he may not last out the year. His family home of 50+ years is currently vacant, and somewhat derelict, so, unrentable in it’s current …