Ask Ban Tacs
Tax Questions Answered
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 …
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 …
Question My questions relate to Super death benefits taxes, transfer costs, and deceased estates. My father has an SMSF, for our purposes he is the only Member. He and I are the Trustees. I will be the executor of his estate. You can assume: The SMSF has large amounts of cash and shares, but the …
Question I am currently living/retired in Thailand and am considered a Non Resident for Taxation purposes. My mother purchased an apartment in May 2013. She passed away in Feb 2017. The apartment was left to me in the Will and the transfer to my name was completed in Oct 2017. I lived in the apartment …
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