Ask Ban Tacs
Tax Questions Answered
Question My question is regarding CGT. I bought a house in 2007 so my son (disability pensioner) had somewhere to live. He paid below market rent but I did use the property as a tax deduction. In 2020 I retired and the house became my PPOR. I extensively renovated it at that time. I’m now …
Question Dear Julia, I am retirement age and still happily working. Unfortunately, my husband had a stroke 2 years ago and is unable to earn an income. He is only eligible for the pension in March 2027. We have been considering our retirement options for the coming years. We currently have no debt on our …
Question I’m planning to cease Australian tax residency and would like to confirm that my proposed sequence does not breach the SMSF residency rules, and that I have the CGT treatment of my personal share portfolio correct. My proposed steps are: On that basis, could you please confirm: (a) For the period while I am …
Question Hi Julia – a customer friend recommended you. Looking forward to your information. Basic story I own property in Lowood Qld 4311 12.08 hectares. I originally purchased this in 1987 for $28,000 with my partner. We built a house for approx. $60,000 here and moved in approx. Mar 1989. We separated in 2002 and …
Question My sister and I became the beneficiaries of my Father’s estate upon his death in 2004. The only asset was his home in Tasmania that was owned 50% as tenants in common with his second wife Patricia. His share was left to us by testamentary trust with the trustee being Tasmanian Perpetual Trustees. In …
Question We are in need of some guidance on the CGT implication on the sale of an inherited Principle Place of Residence. To facts of the case are below: Is there any scope for the Daughter to have an adjusted cost base (say, using the market value substitution method upon vacating on 31/01/2019 – as …
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 …
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