Ask Ban Tacs
Tax Questions Answered
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 …
Question JuliaRe CGTRefer below to a bit of history supplied to my tax agent. What else do you need? Answer Yes you can certainly reduce the amount of CGT you have to pay by making a superannuation contribution. You can check my gov for your un used concessional cap which may allow you to contribute …
Question CGT on Knockdown Rebuild – Duplex – Melbourne Currently I have a situation whereby my mother (50%) / my wife and I (50%) own a property, which is our principal place of residence for all three of us and we do not own any other property. This situation recently arose due to my mother …
Question We have commercial property, that we bought last year in the name of our company that we operate our business out. We got a good deal on the property, and we took advantage of the $40,000 tax deduction for that year. the loan principal and interest are for -$678,600 Applicable interest rate p.a. 5.89% …
Question Re CGTRefer below to a bit of history supplied to my tax agent. Can I reduce the amount of estimated CGT which is due next financial year etc? Answer A couple are only allowed one main residence exemption between them so from your marriage October 2007 you will have to choose which property to …
Question I am an Australian who has lived abroad for close to 20 years. I have a property that I own in Thailand that I would like to keep when I return to Australia once I repatriate. As the yield on property in Thailand is far greater than in Australia (8-10%), I am wondering how …
Question My wife and I purchased a house in December 2003 (purchase price $220,000) as she had returned to full time work and we saw this as a long term investment that would offset her not having much in her superannuation fund at the time. The house has been rented continuously over these 20 years. …
Question I bought a duplex unit in Tugun, QLD, in July 2010 for my mother to live in ($339,000). I was an Australian tax non-resident at the time and still am. The arrangement was that my mum paid all the outgoings (rates, water, insurance, etc). My mum even went to the trouble of adding her …
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