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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 …
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 …
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