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Tax Questions Answered
Question I recently read an article about issues involved in transferring property to one’s wife. THe article said that it may not be advantageous to do so for ‘natural love and affection,’ as this would have negative CGT consequences upon future sale.In light of this, I have a question that I would like to ask …
Question Thank you for your excellent website.My wife and I have an inner city 3 bedroom rental property (in joint names) that fortunately has risen in value over the years since we bought it in 2004.At one stage we had plans approved to turn the 3 bedroom house into a 2 bedroom dwelling and build …
Question My wife’s parents who reside and were farmers in England (now retired) purchased a farming property here in the Esperance area in Western Australia 15 years ago (March 2002). My wife and I are farmers (graziers)and we have leased approx. half of this property which was not suitable for cropping, since at a reduced …
Question My wife and I bought our house in Brisbane in 1974 – i.e.pre CGT, so it is CGT exempt. We lived in it for 22 months before renting it out for 7 years while we lived overseas. We moved back into the house in 1984 and have lived there continuously since then.We then bought …
Question Hi Julia,I would like to get a clarification of a question that my accountant asked.I have completed the BanTacs CGT calculator spreadsheet and all is fine. The concern she has is that with all the items of the Third Element( Costs of Ownership) included then in line 57 (Percentage of Time Not Covered by …
Question Hi, I purchased your capital gains calculator but it did not account for my situation.I purchased an investment property and rented it 100% of the time, built a new house in the back and rented it 100% of the time, then subdivided and sold the original house in the front. I still own the …
Question Hi Sir/Madam,I have a property in a trust (not trading trust, just a discretionary family trust) which is really my home residence. The residence was put in a trust for asset protection as my job can get sued personally.Question 1:As there was no rental income generated in the trust as I have been living …
Question Hi Julia.I have a client who purchased a house in Aug 2008. Upon purchase they moved in straight away until they left the house in Jan 2012 from which time it was rented until sold in March 2016.From the time they moved out they rented another property until July 2016 at which time they …
Question I purchased a splitter block in Sep 2015 in Brisbane via unit trust. Me and one of my relative – both hold 50% of units personally. It was settled in December 2015. My intention was to rent house while subdivision plan were in progress. Once subdivision is approved(into 2 lots), I want to demolish …
Question Parents would like to transfer the ownership of vacant residential property (with house) to daughter (above 18 years old).The Parents are non residents for tax purposes (do not stay more than 180 days in Australia a year)What tax implications are likely to be faced & any strategy to minimize any potential tax implications.Facts:Property purchased: …
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