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Tax Questions Answered
Question Regarding the Main Residence Exemption (6yr rule) and renting out your PPR. Over the past several months I have had multiple friends & colleagues tell me that they use the 6yr rule and rent out their PPR’s while they travel for a few months. They believe that simply travelling for a few months will …
Question Hi Julia, Thank you for responding to me recently regarding the best way to go to minimise CGT for our situation. To recap, my wife is 56 and on a disability pension and I am 69 and on a carers pension. Neither of us has any Super left as that was used up early …
Question An ex-partner and I jointly purchased a house on 6 September 1979 for $48,000 , with the title registered in both our names. On 12 March 1985, he transferred full ownership of the property to me via a conveyance, which was registered on 1 October 1985. A consideration was paid for the transfer of …
Question Dear Julia. Hope you are well My wife (68) and I (74) have four properties in NSW as follows. The primary residence (Property 1) is a 5 bedroom house, worth about $3m. The other three (Property 2, 3 & 4) are small off the plan purchases and worth under $1m. I retired in March …
Question I would like to request for Taxation advice including applicable CGT (for the beneficiaries) after selling my Mother in Law’s house in Perth as executor of her will. Background information Queries from an after-sale CGT (for the beneficiaries) perspective Queries from an annual tax return perspective Please let me know if you need anymore …
Question My question is my husband and I bought dilapidated house 14 yrs ago for approx 820k as our PPOR (we have no investment property) and went through kitchen and bathrooms reno in between. Late 2024 we knockdown and started building a duplex, subdividing titles. We took construction loan for 1.9m for the duplex built, …
Question Related to CGT.Bought a farm in 2016 500 acres.Paid $915K + CostsValued house and 2 hectares worth under $200K house was practically unliveable.Was our PPOR form 2016 to 2019.2019 a solar farm leased it off us so was generating an income but we moved our PPOR to another property. From 2016 to 2019 while …
Question I am currently 66 years old, due to turn 67 at the end of April 2026, my wife is currently 63 due to turn 64 in August 2025. We are both retired, living mainly on our pensions from our Super. I have around $1 Mill all in Pension Mode, and another $350K in Australian …
Question BACKGROUND FACTS QUESTIONS Answer BF can only salary sacrifice income that is earned after he notifies his employer that he wants to salary sacrifice. In the case of a bonus the notice needs to be given before the bonus “accrues”. Looking at the figures you have provided, if I understand them correctly. 2022-2023 received …
Question I hope you’re well.I’m seeking your professional advice on a tax matter regarding interest deductibility relating to client’s former principal residence, which became an investment property in 2019. Here is a summary of the situation: I understand that the ATO generally bases interest deductibility on the use of borrowed funds, not the security of …
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