EmmaAsk for an engagement letter – this clearly sets out what your getting and for how much, in writing. Therefore no suprises! Fletcher Tax Accountantswww.fletchertaxaccountants.com.au

If you received property or shares – that would be a different story. But with cash – there shouldn' t be any tax consequence as your parents would have settled any CGT tax within their individual tax returns. You cannot be taxed on the proceeds twice. Tried to find a back up on the ATO site – but can't find one either.Fletcher Tax…[Read more]

Tam happy to help. We're based in Lindfield (Sydney) if that's of any help. Feel free to send us an email direct with your contact details and we'll take it from there.LindaFletcher Tax Accountantsmail@fletchertaxaccountants.com.auwww.fletchertaxaccountants.com.au

Hello againThe 3 valuations (and average of) can be used as the adjusted cost base upon the eventual sale. It is called "Market Value Substitution Rules"LindaFletcher Tax Accountants http://www.fletchertaxaccountants.com.au

Hi Tommy12, yes the 6 year cgt exemption applies.  You lived there for more than 3 months (14 months) hence satisfied occupancy.  You can only have one main residence at a time. The election is made via your Tax Return. So yes the cgt exemption can be claimed upto may 07 (date/time of switching official main residences)LindaFletcher Tax A…[Read more]

TuggerSome food for thought:As per Richard's suggestion – I too would suggest to get a deduction or claim for any expenses/purchases done to your IP whilst its still your IP. Even if it is for 2/3 years.  (… Better than NIL once its your PPOR)Also I strongly suggest getting a market evaluation by 3 local agents in writing of your IP when your…[Read more]

Terryw, the allowance is only available for new assets over $1,000 (after GST). The tax break is provided to the legal owner of the asset. Please feel free email us for any further information or help re the tax break on mail@fletchertaxaccountants.com.au

Hi Molleye6, To answer your queries – market value is worked out using available data in the current market place. Usually the most efficient way is to take the average of 3/4 written rental appraisals from local agents. The ATO clearly states that should non commercial values be charged – an apportionment of expenses will also need to be made. It…[Read more]

Hi Badger101. Not sure what specific advice you are seeking. We specialise in sole traders and small business with an appreciation of all things property. Please feel free to pop us an email with your specific taxation requirements and perhaps we will be able to help you further.  Our email is mail@fletchertaxaccountants.com.au