Ask Ban Tacs
Tax Questions Answered
Question Selling second home options Capital Gain Questions for my farm in VIC: Purchased: April 1996. $46,000.00 Valuation: Nov 2021 $550,000.00 Aim: To minimise/eliminate my capital gain event on this property? Background We are a same-sex couple (married in 2019) who live in our own home in Melbourne. Our current PPR. The Melbourne house was …
Question I have an inherited family property that I need to clarify if CGT applicable to and if so, what is the method to use for the CGT calculation. My initial view was to use the apportionment formula but on reading your CGT & Death & Taxes booklets am hoping for a more favourable CGT …
Question Hi, I am after some guidance with regards to selling a rental property (unit in Sydney) in Australia whilst I am considered a non-resident for tax purposes (permanently residing in New Zealand since Feb 2010). The rental property has been owned for 13 years, with it initially being a primary residence however has been …
Question I am 63 yo and have reached retirement age. My SMSF has a residential property asset (no outstanding mortgage). I would now like to live in the property. I would like to make an in specie transfer of the asset from the SMSF into my name without the need for cash to change hands …
Question This is continuing from our emails & is related the previous question CGT Start Date on Inherited property. Question is, what are my Capital Gain ramifications and if I am not entitled to the 50% CGT discount plus the tax free component how long would I need to return and live in Australia for …
Question Hello Julia Re: CGT – Allowable property expenses on family transfer I purchased a townhouse in Melbourne in 2014. A family member lives there ‘rent free’ The property has never been rented/leased. I live in a regional city in my own home. In June 2021 I transferred a half share of the Melb townhouse …
Question First of all, apology for my English. Hopefully you understand what my questions are. I will try my best to describe my current situation as much as I can. Also thank you for offering this questioning system! I have purchased an old house in April 2021 and since then I have been living in …
Question We are an Aussie expat family (Australian citizens) currently residing in Singapore. We are moving to Darwin at the end of this year as my wife is starting work at the local hospital in January 2022. We will be looking to purchase our PPR in Darwin when we move back. We have two investment …
Question I’ve read Winning Property Tax Strategies (thanks!) and our situation is similar to the example “One property, two friends, two homes” provided on pages 177 to 180. For context… I am a property developer. My brother and I are starting up a residential building business together to build our own development projects. My brother …
Question My husband and I own a PPOR and 2 rental properties. We have various Lines of Credit against all 3 properties which were set up more than 10 years ago. None of the lines of credit are drawn down. The total value of them is $500k. The interest rates on the lines of credit …
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