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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 …
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 …
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