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Tax Questions Answered
Question My wife (67) and I (73) jointly have three properties in NSW. They are as follows: One is our principal place of residence. We have owned it for 20 years and it has appreciated by $2 million Another, which is an AirBNB since 4 years, was constructed after 2 years of owning the land. …
Question I am UK born in Australia, recently divorced with 2 children aged 11 and 9. Children and Ex born in Australia. I am trying to write my will in case of my death so the children are provided for throughout childhood and have a start up nest egg going into their adult life I …
Question Hi,How are you? I am a small business owner of an accounting firm (no employees). I have already asked the below question to another accounting organisation but the answer was brief. I love your answers, and want confidence in our work so would appreciate if you could help. The scenario and question: I have …
Question I am a bit confused with the information in the ATO website, my situation is, my father passed away last year and we sold his house on I acre block. Prior to 1994 I lived in that house. In 1994 I got married and unfortunately got divorced in 2006, I sold our marital house …
Question I am currently separating from my Wife; we both own a residence (as joint tenants) and I have agreed to relocate for a number of years (rent an apartment) until my child finishes school. If I move out for say 24 months and my wife remains in the house (principal place of residence) do …
Question I’ve recently released some equity from my home and want to invest in the stock market via my Discretionary Trust (Family Trust) of which I am the sole beneficiary and director of the corporate trustee. I’ve got some general questions around this: Thanks Answer Thank you for a great question and making it available …
Question Dear Julia My question is about my wife’s tax residence in FY2023. In April 2022 I started a long term international posting in Europe and left Australia for at least 5 years. My wife and son joined me in June 2022 and my son started school in Europe in September that year. My wife …
Question Taxpayer received 25% of a small rural property (1 and 2/3rd acres – not farmed) pre CGT via a family Estate. Subsequently – post CGT – taxpayer receives further proportions of the property via two further Deceased Estates. So by 1998 owns 100% of property. Her children live in that property from 1998 and …
Question Plant & Equipment QuestionI have purchased your Capital Gains Calculator which is helpful – thank you.Is the written down value of plant and equipment items purchased to prepare a rental property for sale included in the Div 40 balancing for the CGT calculation in the following scenario: Cleaning items to prepare the property for …
Question This is a follow-up question but you may well determine it constitutes an additional question—if so please let me know where/how to pay for that if so. The scenario that I had asked about quoted in the email thread further below back in July 2023 turned out in the end *slightly* differently than we’d …
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