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Tax Questions Answered
Question Hi Julia, Thank you for responding to me recently regarding the best way to go to minimise CGT for our situation. To recap, my wife is 56 and on a disability pension and I am 69 and on a carers pension. Neither of us has any Super left as that was used up early …
Question An ex-partner and I jointly purchased a house on 6 September 1979 for $48,000 , with the title registered in both our names. On 12 March 1985, he transferred full ownership of the property to me via a conveyance, which was registered on 1 October 1985. A consideration was paid for the transfer of …
Question Dear Julia. Hope you are well My wife (68) and I (74) have four properties in NSW as follows. The primary residence (Property 1) is a 5 bedroom house, worth about $3m. The other three (Property 2, 3 & 4) are small off the plan purchases and worth under $1m. I retired in March …
Question I would like to request for Taxation advice including applicable CGT (for the beneficiaries) after selling my Mother in Law’s house in Perth as executor of her will. Background information Queries from an after-sale CGT (for the beneficiaries) perspective Queries from an annual tax return perspective Please let me know if you need anymore …
Question My question is my husband and I bought dilapidated house 14 yrs ago for approx 820k as our PPOR (we have no investment property) and went through kitchen and bathrooms reno in between. Late 2024 we knockdown and started building a duplex, subdividing titles. We took construction loan for 1.9m for the duplex built, …
Question Related to CGT.Bought a farm in 2016 500 acres.Paid $915K + CostsValued house and 2 hectares worth under $200K house was practically unliveable.Was our PPOR form 2016 to 2019.2019 a solar farm leased it off us so was generating an income but we moved our PPOR to another property. From 2016 to 2019 while …
Question Background:I am an Australian citizen and my wife currently holds Hong Kong passport. She obtained the partner PR and is now getting annual Australian Resident Return visa (subclass 155). I moved to Hong Kong in 2008 and has been a non-tax resident since then. In 2015, I purchased a house in Sydney for AUD …
Question We have been fortunate enough to enter the property market in multiple cities and have seen great growth over the years. We have sold one property and we will be selling another one of our properties soon. We are looking at the capital gains and in particular, how we can limit the amount of …
Question Estimate CGT on possible sale of a home unit property Sydney used both as main residence and rented. Answer There is nothing in your question that would make me think that the building depreciation would not be written back against the cost base. Further if the unit is sold while the owner is living …
Question My wife (67) and I (73) jointly have three properties in NSW. They are as follows: One is our principal place of residence. We have owned it for 20 years and it has appreciated by $2 million Another, which is an AirBNB since 4 years, was constructed after 2 years of owning the land. …
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