Ask Ban Tacs
Tax Questions Answered
Question Selling second home options Capital Gain Questions for my farm in VIC: Purchased: April 1996. $46,000.00 Valuation: Nov 2021 $550,000.00 Aim: To minimise/eliminate my capital gain event on this property? Background We are a same-sex couple (married in 2019) who live in our own home in Melbourne. Our current PPR. The Melbourne house was …
Question Hi, I am after some guidance with regards to selling a rental property (unit in Sydney) in Australia whilst I am considered a non-resident for tax purposes (permanently residing in New Zealand since Feb 2010). The rental property has been owned for 13 years, with it initially being a primary residence however has been …
Question We are an Aussie expat family (Australian citizens) currently residing in Singapore. We are moving to Darwin at the end of this year as my wife is starting work at the local hospital in January 2022. We will be looking to purchase our PPR in Darwin when we move back. We have two investment …
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 …
In addition to the Ask Ban Tacs service, the BAN TACS Accountants group offer a selection of digital products to help you including Getting Your Affairs in Order, The Property Cashflow Calculator and The Capital Gains Tax Calculator.
Visit the BAN TACs Shop