Ask Ban Tacs
Tax Questions Answered
Question Hi. My mother (93) recently passed. She and my father jointly purchased a rental property in about 1970. Dad passed in 1993 and therefore his share of the property passed to my mother. The property was not listed on his Grant of Probate (I would think this is because it was a joint tenancy). …
Question I am UK born in Australia, recently divorced with 2 children aged 11 and 9. Children and Ex born in Australia. I am trying to write my will in case of my death so the children are provided for throughout childhood and have a start up nest egg going into their adult life I …
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 Taxpayer received 25% of a small rural property (1 and 2/3rd acres – not farmed) pre CGT via a family Estate. Subsequently – post CGT – taxpayer receives further proportions of the property via two further Deceased Estates. So by 1998 owns 100% of property. Her children live in that property from 1998 and …
Question This is a follow-up question but you may well determine it constitutes an additional question—if so please let me know where/how to pay for that if so. The scenario that I had asked about quoted in the email thread further below back in July 2023 turned out in the end *slightly* differently than we’d …
Question My husband and I are updating our wills as both our Adult daughters are no longer dependents. We don’t want to create any unnecessary CGT issues for our children after we pass in relation to testamentary trusts. Our main assets are properties (our PPOR est Value $7M and 5 investment properties approx $5M 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 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 My father died recently and I am helping Mum to decide whether to wind up the family Trust. I am a beneficiary of the Trust and per her will would receive one-third of its assets when she dies. For simplicity, let’s assume I inherit it all. The Trust and its assets are in New …
Question My Dad is the only member in the SMSF. He and I are the trustees. I have his power of attorney and I am the executor under his will. He is 87, and is declining. The SMSF has a real property asset worth circa $3M. Dad has put in place a non-lapsing BDBN, directing …
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