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Question Hello Julia Re: CGT – Allowable property expenses on family transfer I purchased a townhouse in Melbourne in 2014. A family member lives there ‘rent free’ The property has never been rented/leased. I live in a regional city in my own home. In June 2021 I transferred a half share of the Melb townhouse …
Question I am an Australian citizen living in India Bangalore for the last 5 years for family reasons. I am 64 years old and ceased full time employment in July 2016. I bought a house on 29/4/2004 for $215000 as an investment property and rented it out and it was rented out throughout till I …
Question I need your help to check whether I have included P&E items correctly in my CGT calculation. ATO is talking about balancing act. I want to legally reduce my capital gains. Many thanks Purchase Details: Purchase cost of CGT asset $429,900.00 Add: Incidental costs to acquire the CGT asset $5,973.75 Less: Plant & Equipment …
Question I own an investment property in Ballarat jointly with my ex partner (purchased 3 years ago), and part of the settlement arrangement is that I transfer the ownership to her 100%. What process is involved to implement this & is their stamp duty implications in doing so? Answer There is no CGT event for …
Question I want to buy properties, subdivide them and then flip them for a profit. I want to do this continuously. Is setting up a private company the way to go?I have an accountant but want a second opinion. Say I purchase a property. In the P & L, is the purchases of property classified …
Question Thank you for your excellent website.My wife and I have an inner city 3 bedroom rental property (in joint names) that fortunately has risen in value over the years since we bought it in 2004.At one stage we had plans approved to turn the 3 bedroom house into a 2 bedroom dwelling and build …
Question Hi, I purchased your capital gains calculator but it did not account for my situation.I purchased an investment property and rented it 100% of the time, built a new house in the back and rented it 100% of the time, then subdivided and sold the original house in the front. I still own the …
Question Good evening,My husband purchased an investment property for rental in November 2011 we sold it in October 2015. We have never lived there nor used for private purposes. He stopped renting it out in January 2014 so we could sell the property as the maintenance was not worth the income, the gardens and yards …
Question We have a discretionary family trust where my husband, myself, our daughter and one other individual are the beneficiaries. We also have a building company of which the family trust is a shareholder. We demolished a property the trust owns and developed the land into 4 units. The building company was the builder. Can …
Question My wife & I have 2 negatively-geared properties in joint names. We are listed as joint tenants which means 50& share each.She ceased working as of 20Jun14, & so her share of the tax loss is wasted as she can no longer offset & get PAYG back from 14/15 onwards.Her tax refund was critical …
