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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. …
Question I am a bit confused with the information in the ATO website, my situation is, my father passed away last year and we sold his house on I acre block. Prior to 1994 I lived in that house. In 1994 I got married and unfortunately got divorced in 2006, I sold our marital house …
Question I am currently separating from my Wife; we both own a residence (as joint tenants) and I have agreed to relocate for a number of years (rent an apartment) until my child finishes school. If I move out for say 24 months and my wife remains in the house (principal place of residence) do …
Question We owned a rural property just over 1 acre (0.4Ha) with a dwelling and attached granny flat for 10 years. The granny flat was originally built for the previous owners’ parents so it was more like an extension to the main residence rather than a separate dwelling, it was separated by a common party …
Question Capital Gains Tax Query – URGENT PLEASE A couple are getting divorced and there is a property that is sold and we need to work out the CGT implications Property sold – Property A which has a Granny Flat. Property is located in NSW Property B My Query I need to calculate the net …
Question CLARIFICATION OF COST OF CGT ON PROPERTY SOLDI have had conflicting information from two different accountants re the sale of a property. Below I have outlined details.This property belonged to my mother-in-law and when she passed in 2002 it was left to my husband in her Will.Valuation Years The property sold for $500,000 and …
Question My Partner and I are both Australian citizens working and living in NZ , we have bought and lived in our house now for 4 years and we are thinking of selling our house in NZ and moving back to Australia .So far we understand there is no CGT payment required as we are …
Question Questions Answer I attach a spreadsheet that you should duplicate before you start and use to estimate the CGT on each property. This will help you choose which property you want to cover with your main residence exemption during the period 27-4-2019 and 27-4-2023. Work out the gain on each one and see which …
Question We bought a strata unit in Geelong in 2003, whilst living overseas paying $191,000. We lived in the UK from 2000 we returned to Australia in September 2021 and are now living in the unit. The current value is estimated to be $420,000. If we were to sell how much CGT would we be …
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