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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 …
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 …
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