CGT Start Date on Inherited property

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 …

Margin Scheme Strategy

Question Have client purchased residential property with house December 1997 for around $180,000 (using Company Structure, in business code “on tax returns” of rental/lease of no residential properties ie owns 3 other commercial properties leased). Property (land) price now valued around $600,000 Rented the Residential House on and off most of the period up to …

Buying a Farm to Retire to in Your SMSF

Question I am planning to set up an SMSF. I am transferring my industry fund to an SMSF after receiving a redundancy in 2019. The current balance in the Super account is $350,000. It will be a joint SMSF with my partner, who has an old super fund with just a few hundred dollars in …

Distributing Discounted Capital Gains to Trust Beneficiaries

Question I have several questions regarding how Capital Gains Tax would apply to a transfer of title of a residential property to one of my children. Background: In 1981, I purchased a residential property in Sydney and I was registered as the sole proprietor. From the date of purchase, my wife and I occupied the …

Tax, GST And A Builder’s Home

Question I bought a house in NSW with a vacant block adjoining in September of 2018. The block was on two separate titles but purchased from the one vendor. It was purchased solely in my name. We have lived in the house since purchase and have now decided to renovate the house we are in …

Questions about how a Trust Operates

Question Facts * I setup a Trust and Corporate Trustee for our family back in 2009 shortly after our first son was born. * My wife and I are the (only) two directors of the Corporate Trustee. * I’ve not had any updates made to the Trust Deed since. * We made two—highly speculative, illiquid—private …

Tax Settlement of Investment Property

Question Dec 13 – My client & his brother in law purchased an investment property in Victoria. Did few repairs to put it on to rent. Jun 14 – Tenanted for 1 year up to Jun15 Oct 14 – Transferred 50% of their respective share to their wives owning 25% each after the transfer out …

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