Rural property “Carrol” purchased by my father 1924, left to my mother, brother and me not know by me 1976 – left to my two sisters by mother 1983, handled by a solicitor. I purchased from sister 2002- for $82,000. I am selling the property now – $1.5 mil. As it has been from one family member to another, are …
Distribution to Beneficiaries
Family Trust has a Profit of $ 13,824 + Capital Gain $ 4,728 = $ 18,552 Less Cash Flow Boost Non-Accessible ($ 18,908) = ($ 356) L. The Gain is subject to a 50% Discount. As there is a loss, is there no distribution to Beneficiaries? Or do I have to remove the Gain from the equation and distribute the …
Medicare Surcharge
A client has a Medicare levy exemption for 339 days. Being a foreign resident and not entitled to Medicare. His taxable income is $190,000 for the whole year. He has no private health insurance. Is he liable for the Medicare levy surcharge? Answer If he is subject to the Medicare levy for only 26 days, the same should apply to …
Self-Education Costs
I have a quick question. Can international students on a student visa claim self-education costs or only when their visa status changes to temporary or permanent? My client has been told by her friends that she can claim her fees, and I said no because she is not working as a nurse, only a personal carer. Only when she starts …
Cost Base Calculation
A married couple purchased a house in Carlton for $481,750 (incl. stamp duty) On 10/8/2000, this house was their PPR until 10/8/ 2010. At that time, they sold a 65% share of the Carlton property to their son and his partner for $550,000. The married couple purchased another property that became their new PPR, which they are still living in. …
Rural Property – Future Set Up
I intend to purchase 200 acres of rural residential property within two years. Hopefully, the family will sell it off in 20 acre lots in 10 – 15 years. My idea is to register Ltd Company to our discretionary trust- holding seven-way membership – 10% self, 20% each for my son and daughter and 12.5% each for 4 X grandchildren. What …
Calculating CGT Liabilities
Can I please get your assistance in this complex matter as my client is considering selling a property he acquired from his father? In this case, my client, the son, entered an agreement with his father to be added on to his father’s principal residency property “title” back in 2011 for $130,000. My client already owned another property at the …
CGT 15-Year Exemption
Hi, this is a CGT query and whether the respective “partners” are entitled to use the small business 15-year CGT exemption and/or contribute the assessable gain into their respective super funds to gain CGT exemption. The respective “partners”, say A & B via partner A’s family trust and B via his private company, each hold 50% of the units in …