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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 …
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 …
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