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Tax Questions Answered
Question Hi guys, I’m looking at purchasing an established investment property this year, which I plan to subdivide into a battle axe configuration. With the result being the existing property and land at the rear. I’m looking at the numbers for selling just the land as a house and land package or building a unit …
Question CLARIFICATION OF COST OF CGT ON PROPERTY SOLDI have had conflicting information from two different accountants re the sale of a property. Below I have outlined details.This property belonged to my mother-in-law and when she passed in 2002 it was left to my husband in her Will.Valuation Years The property sold for $500,000 and …
Question My Partner and I are both Australian citizens working and living in NZ , we have bought and lived in our house now for 4 years and we are thinking of selling our house in NZ and moving back to Australia .So far we understand there is no CGT payment required as we are …
Question Hi we are thinking about moving abroad this year with a trial period beforehand, and plan to sell our PPOR (ownership is joint tenants) as a precaution.The purchase price was $525,000 and sale price will be approximately $1m. Our original idea was for my wife to transit first with the children and start setting …
Question My question is about the deductibility of bathroom renovation costs following a leak that revealed that the entire bathroom floor and shower walls had not been properly waterproofed when the place was initially built (cca 2009). I purchased the property in 2014 and rented it out for several years, until about 2020. I then …
Question Hi there I’m wondering if you can help me here on working out any capital Gains Tax I will have to payI have just sold my home for $1 100 000 with settlement to occur on 11 Jan 2024I have rented out part of my home for the last 2 years and I’d like …
Question I purchased a property in December 2018 for $820,000 it is now valued at $1,800.000. This property was bought by me with my finds, however at the time I decided to included my daughters name on the property title. We both own 50% each, as Joint Tenants. I have lived, and I’m still living …
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 …
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