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Question My father died recently and I am helping Mum to decide whether to wind up the family Trust. I am a beneficiary of the Trust and per her will would receive one-third of its assets when she dies. For simplicity, let’s assume I inherit it all. The Trust and its assets are in New …
Question In 2002 I bought a 3 bedroom house for my mother and father to live in. I paid $260,000, plus legals and stamp duty. Dad died 15 years ago and my mother still lives in the house. I have never charged them rent. Over the years I have paid for capital improvements costing roughly …
Question CGT on Rural Property I bought an 85 acre block of land in 2001 and lived in a shed on it until I built a house on it 5 years ago. It is my primary place of residence. I am 57 years of age and have a defacto partner. I have bought and sold …
Question When my wife and I were renting in Sydney in 2010, we purchased our first home to live in country NSW. Due to timing with the finishing work and planning the timing of our move, we rented the property for an initial 9 month period, until we were ready to move. This was also …
Question You have helped me not long time ago. I have decided to sell my land. I wanted to ask you to help me this time with very simple enquiry: It is about CGT again but this time regarding to sale of my land. I wanted make sure that I am eligible for 50% discount …
Question My question relates to initial repairs and how the ATO classifies an inherited property. Our ancestral home in Qld was bequeathed to me in May 2021, and the title was transferred the following November. I was initially undecided as to whether I should sell the property or lease it out, as I currently live …
Question Hi My family and I are moving overseas in May this year, and we are considering options regarding our Australian property. We have done research regarding the possible Capital Gains Tax implications, but we have a list of outstanding questions which we are hoping will help us make our decision. Background: My wife and …
Question Hi, I am selling my PPR where I have lived for 5yrs 5mths. My current PPR – settlement date was 5/8/2016 and moved in by 11/8/2016 My previous PPR that i want to move back to – settlement date 16/6/2014 First moved in 28/7/2014 [as that was when tenant moved out] until 11/8/2016 I …
Question My Dad is the only member in the SMSF. He and I are the trustees. I have his power of attorney and I am the executor under his will. He is 87, and is declining. The SMSF has a real property asset worth circa $3M. Dad has put in place a non-lapsing BDBN, directing …
Question How do I calculate CGT on the recent sale (Feb 2021) of an investment property? Property sold as two titles: Title 1 comprising house plus land 1 (area 124 sq. m.) Title 2 comprising (adjacent) land 2 (area 52 sq.m.) Sale price of two titles, sold as one: $1,097,000.00 Expenses incurred: $40,000 Purchase of …
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