Latest Questions – Page 17

Capital Gains PPR Exemption

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 …

Investment Property Capital Gain tax, GST implication for Splitter Block

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 …

Transfer of Ownership – non resident tax purposes

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: …

Sequence of sales for main residence exemption

Question Dear Julia,I have a question about the main residence exemption.I have two properties which will need to be sold in the next year. I would expect there to be a modest but not insignificant capital gain on both properties.I purchased property A in September, 2013, and lived in it for 15 months, and it …

Capital gains Tax

Question I would appreciate your advice on the following in regard to Capital Gains tax.My wife and I as joint tenants own a property at Nerang, Qld, which we held as our primary residence for many years.Since moving to Sydney 4yrs 9 mnths ago we have rented it out.Approx 3 yrs ago we moved into …

6 Year rule

Question Hi,Is it possible to reset the 6 year rule so I can continue to receive rental income and claim PPOR CGT benefit if and when I decide to sell the property. If so how?ThanksCathie Answer Yes, you can reset the 6 year rule as many times as you like but it is important that …

CGT on new dwelling

Question Hi Bantacs· September 2012 we bought a property in Melbourne East. The property had a small house with a large backyard. After settlement we occupied this house. We had two kids at that time both Autistic. After the birth of my third child we decided to build a larger town house in the back …

Property Development

Question HiPlease confirm my understanding or advise on the following:1. I have done a property development in a Trust that is registered for GST. A residential property was purchased, the block split & the existing house sold & a new house constructed on the split block. Summary belowGST ReconciliationMargin SchemePurchase A 25-2-14 561,500Sale A 23-10-14 …

Selling newly constructed property to spouse

Question I am a “mum & dad” type developer and have just purchased another block of land to construct next property (duplex). I have built and sold a couple of properties previously and thus captured as ‘conducting a business’, with sole trader gst registration, BAS, margin schemes etc.My spouse is looking to invest in property …

Developing pre 1985 purchased p.p.o.r.

Question I have read your very informative booklet"How not to be a developer"and would like your advise on our project in regards to GST,CGT and p.p.o.r.We purchased our house in 1969,it has been our p.p.o.r.since then.In order to downsize as well as to finance living expenses we intend building a house at the rear of …