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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 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 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 I have a client who signed a contract to sell his farm (going concern) on the 16th of June 2022. The settlement didn’t take place until the 29th of July 2022. In the contract, the plant & equipment were allotted a ‘nominated’ price of $100k. In the contract, the livestock were allotted a price …
Question How do I calculate CGT on the recent sale (Feb 2021) of an investment property? Property sold as two titles: Title 1 comprising house plus land 1 (area 124 sq. m.) Title 2 comprising (adjacent) land 2 (area 52 sq.m.) Sale price of two titles, sold as one: $1,097,000.00 Expenses incurred: $40,000 Purchase of …
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 I have an inherited family property that I need to clarify if CGT applicable to and if so, what is the method to use for the CGT calculation. My initial view was to use the apportionment formula but on reading your CGT & Death & Taxes booklets am hoping for a more favourable CGT …
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