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Question Is it correct that a property held as Joint Tenants "Passes over"the will and therefore any bequests made in it would therefore be rejected by the ATO?On the death of the first owner the survivor would automatically get the whole property. They would then have to write a new will with the bequests in …
Question Dear JuliaIn 2008, my husband and I bought shares in a publicly listed company. The shares remained in my name even though they were a joint asset.After my marriage ended in 2013, I sold the shares and deposited all of the proceeds into an online savings account in my name that contained our joint …
Question HiI am looking at purchasing a commercial shop, which is currently empty, and residential premises (2 units), which are upstairs, for approximately $1.3m, in a trust structure. They are on the same title.Is GST payable on purchase? That is, is it already included in the $1.3m? Is GST payable on the commercial premises only?The …
Question I would like to know whether I can retain the principal place of residency exemption on the followingI brought a house which we live in in 2007. I want to now want to demolish the house And build 2 townhouses. We will need to rent while the houses are being built. On completion the …
Question Following the death of her father on 25 April 1999, my wife inherited a 1/3 share of a block of farm land. This land was transferred to her and two sisters under a tenancy in common in 2004.Under a determination by the executor the occupation and use of the land rent free by the …
Question We bought a property for $350k in 1992.We were intending to purchase under our joint names but on bad advice – very bad advice – we ended up creating a company (self and wife are the only share holders) and buying in the company’s name. It has already cost us around $50k (mostly as …
Question In 2004 we bought an old free-standing house to live in after our first child was born. We moved in immediately and remain there. It is the only property either of us have owned that has been eligible for the main-residence CGT exemption.The house is now very run down and too small (only two …
Question Hi, I have a ppr that I have owned since 1996 jointly with my then husband which we bought for 266,000. We seperated in 2008 and I bought out his share at 740,000 but paid no stamp duty as proceeds of divorce. If I knock down the house and build a duplex and live …
Question I purchased my unit in Australia in an of the plan contract dated 23 August 1994 (the transaction date was 13 November 1995) for $179,900 while I was working in Papua New Guinea as a non resident of Australia I did not occupy the unit until 14/12/2000.When I brought the unit it was always …
Question Thank you for your response to my granny flat question last year (see below).We have now commenced building the granny flay and I am reconsidering whether the granny flat should initially be treated as a secondary dwelling.Our family circumstances are such that it makes sense for my Mum to move in for a period …
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