Ask Ban Tacs
Tax Questions Answered
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 …
Question We owned a rural property just over 1 acre (0.4Ha) with a dwelling and attached granny flat for 10 years. The granny flat was originally built for the previous owners’ parents so it was more like an extension to the main residence rather than a separate dwelling, it was separated by a common party …
Question When a shareholder receives a return of capital, is that ROC applied to each individual parcel of shares they have on hand when the ROC is paid?What specific section of the act says to apply it that way? Further Information Could I please see the documentation you received about the return of capital? I …
Question Thank you for providing me with excellent advice in the past. I have a question about tax residence. I moved to Europe in April 2022 to take up long term employment for an international company. At the time I was on long service leave at my Australian company and did not do any work …
Question My husband and I are updating our wills as both our Adult daughters are no longer dependents. We don’t want to create any unnecessary CGT issues for our children after we pass in relation to testamentary trusts. Our main assets are properties (our PPOR est Value $7M and 5 investment properties approx $5M net). …
Question My question has two parts, in relation to CGT on the sale of investment property. a) from the 2018FY all owners of investment properties have been unable to claim traveling expenses related to annual inspections, or travel to carry out works at properties between tenants. I have kept detailed account of all such travel …
Question Personal Background We are planning to move to England this year. We live in a home in Victoria that we own (still have mortgage on it). It was our PPR for 12 months, then we used it as an occasional weekender and rented it out on other weekends. For the past 18 months we …
Question Capital Gains Tax Query – URGENT PLEASE A couple are getting divorced and there is a property that is sold and we need to work out the CGT implications Property sold – Property A which has a Granny Flat. Property is located in NSW Property B My Query I need to calculate the net …
In addition to the Ask Ban Tacs service, the BAN TACS Accountants group offer a selection of digital products to help you including Getting Your Affairs in Order, The Property Cashflow Calculator and The Capital Gains Tax Calculator.
Visit the BAN TACs Shop