Ask Ban Tacs
Tax Questions Answered
Question I seek an opinion on my Sons liability to pay Capital Gains based on the following facts.My Son is an Australian citizen.My Son occupied his current prime residence in December 2003 and the family lived there till December 2008. That month the family moved to Qatar to housing provided by his employer. His Australian …
Question I bought Property 1, and moved into it, on 11 December 2003. The purchase price was $820K.I bought Property 2, with a tenant in place, on 29 October 2004. The purchase price was $320K.I moved out of Property 1 from 17 February 2008 – 30 June 2008, during which it earned income from holiday …
Question My Mother inherited a vacant block of land under her sister’s estate. Her sister bought the block of land on 23 June 1992 for $14,000. Her sister’s died on, 20 March 1997, time of death block of land had a market value of $32,000. Helen sold the block of land on 14 June 2013 …
Question I have a trust set (owned 50/50 by 2 trusts)up with the following:1000sqm block – one old house rented out and building strata – new house at the back of the block – rented out – 2 years old.in Geraldton wa.1250sqm block in Frankston South VIC with old house and granny flat. currently rent …
Question My wife and I own our current home, purchased in 1982.We have just purchased a block of land down the coast (May 2013) and paid cash.We plan to build a house on the block within the next 12 months, and will use this as a weekender or for holidays over the next several years. …
Question BackgroundMy wife and I (dual UK/ Australian citizens) have a house in London which we rent to tenants. We are registered with the UK’s tax authorities and, following interest, expenses and allowances, have had little or no annual tax liability on the property. UK tax Returns are submitted annually.The house has been leased to …
Question Approx 2.5 years ago we purchased a vacant block of land on the north coast of NSW. We received a stamp duty concession of approx. 1100.00 as a first time buyer. We had a home designed with council approvals but our circumstances have now changed.We now reside in central Qld and are in the …
Question We own a 280sqm block with an existing house. We bought this property in January 2011 for $1M.We rented out the property for the first 18 weeks of ownership.The property is now valued at $1.1MWe plan to build a garage with a self-contained apartment above (the studio will have 35sqm living area of a …
Question Our land in NSW was bought by a holding company registered in the A.C.T. for a syndicate of 3 shareholders -two shares each) prior to Sept 1985.The land was in two titles (one 10 acres and the other 60 acres) and a house was built by an individual shareholder on each title (also prior …
Question Land introduced into a partnership business, and therefore becoming trading stock at a price, rises in value during construction period because of market conditions. If this land had remained a capital asset, the tax would be determined by CGT provisions. Instead, the increase becomes revenue. Yet, the increase is a capital increase, not one …
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