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Question My question concerns historical post-tax voluntary super contributions that were not previously claimed. I work for the QLD Govt and as such contribute 5% in voluntary super contributions for my employer to increase their contribution to 12.75% (this requirement has changed recently). Until I began salary sacrificing these contributions several years ago they came …
Question Questions Answer I attach a spreadsheet that you should duplicate before you start and use to estimate the CGT on each property. This will help you choose which property you want to cover with your main residence exemption during the period 27-4-2019 and 27-4-2023. Work out the gain on each one and see which …
Question We bought a strata unit in Geelong in 2003, whilst living overseas paying $191,000. We lived in the UK from 2000 we returned to Australia in September 2021 and are now living in the unit. The current value is estimated to be $420,000. If we were to sell how much CGT would we be …
Question This issue relates to the repair of damage caused by a flood on 27/2/22 to a rental duplex that is strata titled – Unit 1 & Unit 2 – and the timing and amount of income and deductions that are related. Amounts roughly rounded for simplicity which don’t affect concepts. The building was built …
Question Maintaining the Main Residence Exemption from CGT through the generations BACKGROUNDReference is made to two residences: one on the “Coast” and one in the “City”. Mum was living alone in her main residence on the Coast (land 400 square meters) which qualifies for the main residence exemption. Mum decided to enter permanent residential aged …
Question Hello, my brother and I are considering buying a house with our elderly parents so they can move and live closer to us. The title to the land and house will be under our parents name, but we will help fund part of the cost by accessing equity in our existing properties, respectively. The …
Question JuliaRe CGTRefer below to a bit of history supplied to my tax agent. What else do you need? Answer Yes you can certainly reduce the amount of CGT you have to pay by making a superannuation contribution. You can check my gov for your un used concessional cap which may allow you to contribute …
Question CGT on Knockdown Rebuild – Duplex – Melbourne Currently I have a situation whereby my mother (50%) / my wife and I (50%) own a property, which is our principal place of residence for all three of us and we do not own any other property. This situation recently arose due to my mother …
Question We have commercial property, that we bought last year in the name of our company that we operate our business out. We got a good deal on the property, and we took advantage of the $40,000 tax deduction for that year. the loan principal and interest are for -$678,600 Applicable interest rate p.a. 5.89% …
Question Re CGTRefer below to a bit of history supplied to my tax agent. Can I reduce the amount of estimated CGT which is due next financial year etc? Answer A couple are only allowed one main residence exemption between them so from your marriage October 2007 you will have to choose which property to …
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