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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 …
Question Maintaining the Main Residence Exemption from CGT through the generations BACKGROUNDReference is made to two residences: one on the “Coast” and one in the “City”. Mum was living alone in her main residence on the Coast (land 400 square meters) which qualifies for the main residence exemption. Mum decided to enter permanent residential aged …
Question Hello, my brother and I are considering buying a house with our elderly parents so they can move and live closer to us. The title to the land and house will be under our parents name, but we will help fund part of the cost by accessing equity in our existing properties, respectively. The …
Question JuliaRe CGTRefer below to a bit of history supplied to my tax agent. What else do you need? Answer Yes you can certainly reduce the amount of CGT you have to pay by making a superannuation contribution. You can check my gov for your un used concessional cap which may allow you to contribute …
Question Re CGTRefer below to a bit of history supplied to my tax agent. Can I reduce the amount of estimated CGT which is due next financial year etc? Answer A couple are only allowed one main residence exemption between them so from your marriage October 2007 you will have to choose which property to …
Question I bought a duplex unit in Tugun, QLD, in July 2010 for my mother to live in ($339,000). I was an Australian tax non-resident at the time and still am. The arrangement was that my mum paid all the outgoings (rates, water, insurance, etc). My mum even went to the trouble of adding her …
Question Hi My defacto partner and I are currently renting part of our house as airbnb, however the home loan is only in my name. We want to move and rent the whole house. We thought we should set up a business partnership. Are we allowed to use the home loan that is in my …
Question House AThis is the family home in NSW we are both currently living in and I am shortly to move out of in February. My wife will live in this until separation settlement, and may continue to do so depending on whether we can make that work for her financially in the settlement. My …
Question My wife and I are about to go through an (as yet) amicable separation. We have owned our current family home since late 2018; it is 99% in my name, 1% in my wife’s – done this way originally in case we ever chose to rent it out. We never have rented it or …
Question In 2014 February, me and my Mom bought a property for $579 000 (tenants in common 50% each) to live in (principal place of residence). I had moved to work overseas in 2009, and is still currently working overseas; the reason we bought in joint names is because My mom could not get bank …
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