Category «Capital Gains Tax – General questions»

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 …

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 …