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Question Estimate CGT on possible sale of a home unit property Sydney used both as main residence and rented. Answer There is nothing in your question that would make me think that the building depreciation would not be written back against the cost base. Further if the unit is sold while the owner is living …
Question Hi,Background:I purchased a vacant residential block of land in 2018 with my then partner – the land (mortgage) was in both of our names (equally). We couldn’t decide on what to build, then COVID hit and building became harder. We then separated in 2020 and our financially binding agreement was complete in 2022. As …
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 My wife (67) and I (73) jointly have three properties in NSW. They are as follows: One is our principal place of residence. We have owned it for 20 years and it has appreciated by $2 million Another, which is an AirBNB since 4 years, was constructed after 2 years of owning the land. …
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 Hi,How are you? I am a small business owner of an accounting firm (no employees). I have already asked the below question to another accounting organisation but the answer was brief. I love your answers, and want confidence in our work so would appreciate if you could help. The scenario and question: I have …
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 I am currently separating from my Wife; we both own a residence (as joint tenants) and I have agreed to relocate for a number of years (rent an apartment) until my child finishes school. If I move out for say 24 months and my wife remains in the house (principal place of residence) do …
Question I’ve recently released some equity from my home and want to invest in the stock market via my Discretionary Trust (Family Trust) of which I am the sole beneficiary and director of the corporate trustee. I’ve got some general questions around this: Thanks Answer Thank you for a great question and making it available …
Question Dear Julia My question is about my wife’s tax residence in FY2023. In April 2022 I started a long term international posting in Europe and left Australia for at least 5 years. My wife and son joined me in June 2022 and my son started school in Europe in September that year. My wife …
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