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Tax Questions Answered
Question Just seeking to clarify that I am calculating capital gains and income tax correctly for the property I sold this year. I bought a derelict home for $38K in 1991, renovated it and moved in 1994 with my partner. We moved out in 2010 and rented it out 2010-2018 for $800/month. 10K was spent …
Question In 2020 I used an owner occupier loan to buy a residential property which already had a fixed term tenancy agreement in place. I bought the property with the intention to move in and will be doing so when the fixed term lease agreement ends, which will be eight months after I purchased the …
Question Subdivide PPR, Build on New block…eventually selling New PPR & CGT. 1) 2015- Purchased PPR for $600k 2) 2020- Subdivided PPR (Old PPR worth about $850k, Vacant Block approx $450k). 3) 2021- Commence Build new PPR on Subdivided Block, at cost of $250k. 4) 2022- Sell Front/Original PPR (CGT Free), move into completed New …
Question I purchased a property in Melbourne in 2015, for $600k, due to its large backyard and proximity to schools, transport etc. The house was in very poor condition, with other similar houses selling for closer to $450k at the time. We moved in asap after settlement. We have made renovations and small extension to …
Question Hi, in October 2014 I bought an investment propoerty in Townsville just in my name for tax purposes as I was the higher income earner. This was rented out from purchase until February 2018. My wife and I then moved into the property and it became our principal place of residence. From when we …
Question Hi Julia, I had been living in my house (Property 1) since first purchased in Dec 2005 (100% owned by me) as my principal place of residence (PPR). On 10/6/2019, I moved out of Property 1 into a rental property not owned by myself or my spouse, where I am currently residing. On 22/7/2019 …
Question My wife and I have recently sold our PPR in Sydney and we want to move into our smaller investment property that we have owned and rented out for 8 years. Should I get a current valuation in order to calculate the CGT for when we sell the property in the future? Thanks, Ross …
Question I purchased a property in August 2013 with my then partner for $370,000. It was intended as our main residence but we were not able to move in until January 2014 due to work commitments interstate. During this time, a period of 5 months, we rented the property via an agent. In Jan 2014 …
Question I have a client who purchased her property in 1992 for $200,000. the market value today would be around $1,000,000 She has lived in the property for the entire time and now wants to develop the site by way of a Duplex selling one and living in the other. The costs of the development …
Question CGT Question. My partner and I currently own the apartment above our primary residence and have treated it as an investment. Since purchase in 2016, it has been tenanted and negatively geared. We are now exploring the possibility of knocking the two apartments into one – which would be our primary residence. The property …
