Latest Questions – Page 17

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 …

Rental Property CGT and Residency Issues

Question 3 February 2016Good morning Julia.I need help in working out if there are any Principal Place of Residence (PPR) CGT issues for a client who is currently working in Hong Kong. They pay rent in Hong Kong for their living arrangements.The client has one house in Australia in which they first lived (before renting) …

Avoid double taxation on winding up a Company Title Duplex

Question Thanks for your reply of 15th December Julia.Things are a bit clearer now, although still disappointingthat there is a significant double taxation. (The Company CGT plus the personal CGT).I can confirm that the father does comply with the PPoR exemption requirements you outlined.And I should have given you some $ amounts to work with. …

Is this a CGT event?

Question In the 2014/15 tax year, I sold an investment property (bought, held in my name only)and proceeds were deposited into a joint account to be used for expenses while grey nomading .My now ex husband took the opportunity (while I was in hospital) to transfer 2 amounts of $10000 each to his own personal …