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Tax Questions Answered
Question My questions relate to Super death benefits taxes, transfer costs, and deceased estates. My father has an SMSF, for our purposes he is the only Member. He and I are the Trustees. I will be the executor of his estate. You can assume: The SMSF has large amounts of cash and shares, but the …
Question I need your help to check whether I have included P&E items correctly in my CGT calculation. ATO is talking about balancing act. I want to legally reduce my capital gains. Many thanks Purchase Details: Purchase cost of CGT asset $429,900.00 Add: Incidental costs to acquire the CGT asset $5,973.75 Less: Plant & Equipment …
Question Hi We have recently restructured the business from a sole trader to a company (shareholder of new company is a discretionary trust) I had a question in relation to the motor vehicles currently owned under the sole trader. It appears that the roll over relief will not be available as the ultimate economic owner …
Question Hi there, I hope this question is appropriate. We have a construction company. The income is Personal services income and doesn’t pass any of the tests. The company bought a Toyota Hilux double cab recently for the business. My question is as follows: Is this company entitled to claim the instant asset write on …
Question Subdivide PPR, Build on New block…eventually selling New PPR & CGT. 1) 2015- Purchased PPR for $600k 2) 2020- Subdivided PPR (Old PPR worth about $850k, Vacant Block approx $450k). 3) 2021- Commence Build new PPR on Subdivided Block, at cost of $250k. 4) 2022- Sell Front/Original PPR (CGT Free), move into completed New …
Question I purchased a property in Melbourne in 2015, for $600k, due to its large backyard and proximity to schools, transport etc. The house was in very poor condition, with other similar houses selling for closer to $450k at the time. We moved in asap after settlement. We have made renovations and small extension to …
Question Hi, in October 2014 I bought an investment propoerty in Townsville just in my name for tax purposes as I was the higher income earner. This was rented out from purchase until February 2018. My wife and I then moved into the property and it became our principal place of residence. From when we …
Question I bought a house in Sydney with my then husband in June 1997 for $265,000 and lived in it with him until our separation in 2008. I retained the house in the divorce and transferred it into my name as part of the settlement in 2009 (this was not considered a sale). It was …
Question Hi there, Question is on claiming meal expenses when preparing food yourself in the RV. We have read through the information first on No Boundaries (and purchased book) and then BANTACs but cannot find the info. Q: Is there a general rule of thumb for self-prepared meal expense costs? These will predominantly be for …
Question Hi Julia, I had been living in my house (Property 1) since first purchased in Dec 2005 (100% owned by me) as my principal place of residence (PPR). On 10/6/2019, I moved out of Property 1 into a rental property not owned by myself or my spouse, where I am currently residing. On 22/7/2019 …
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