Category «Capital Gains Tax – General questions»

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 …

Do I have to pay Capital Gains Tax

Question I purchased a property with my wife in Jan 1986 for $125,000We separated and I moved out of the house in July 1996 and we were divorced in Feb 2001.The family law court orders in 2001 at divorce stated that my former wife could occupy the property and the property not be sold until …

Subdivision

Question Extra payment for amazing reply. Also, it is so clearly written for easier understanding, which I appreciate. Thank you Julia. Regards Maddy Answer Wow, thanks Maddy

Capital gains – email yesterday/today refer — this is the first part of the question

Question I bought a house 15 months ago. It is a corner block and I will be able to subdivide it. I paid $455K ex SDuty for it. The house is 815 sqm. The subdivision will leave me with the house being 500 sqm and the new land 315sq. The subdivision will cost around $30K …

Capital Gains Tax — the second part of the question

PPR and Rental Property

Question I signed a contract on 15 Dec 1987 to purchase a property.Settlement was on 15 Feb 1988The purchase price was $80,000.The property was immediately tenanted.I have never owned any other premises.I moved into the property in 1991 and resided there for approx. 10 months.When I moved out the property was again tenanted.In May 2003 …

GST and duties

Question Dear JuliaFurther question re Ask Bantacs #459 22 May 2013.The facts remain the same as our earlier question.We have 2 scenariosOne scenario is to liquidate the company as a whole (ie sell/transfer both blocks) with a return of capital to the shareholders as you suggested in your answer to question #459.Some of the funds …

GST and CGT

Question Jan 2010 purchased vacant land with my friend as tenant in common with 50% owned by each.2 homes were constructed on it. construction finished in july 2011 and they are rented since then. subdivision i.e. 2 separate titles completed in March 2013. We both have 50% ownership in each new built strata titles.I am …

Objecting to the ATO’s Arbitary assessment

Question Facts.I acquired an investment property in 1987 for $82,700.The purchase was financed virtually 100% from various loans.The property was a rundown dwelling house in poor condition and as a result had a poor rental return, which did not cover the cost of the finance.I obtained some negative gearing benefits during the course of ownership …

CGT & Subdivision

Question I purchased a 1.5 ha block of land with a shed on it in July 2011, I moved into the shed on the day of settlement (due to not being able to afford to rent elsewhere) and got building approval (owner builder) for a small house in September 2012. I had hoped to take …