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Going back to your original (very interesting) question: In the absence of any unusual drafting, once the sale settles the disposal date for CGT purposes should be 1 April 2015 i.e. the CGT Event date. The work test only needs to be satisfied at some point during the relevant year in which the...

You may elect either property as your PPOR for CGT purposes. The election is effectively done in the tax return for the period in which one of them sells.

Really not sure what the issue is with MyGov. Its a central portal for many government interactions. It is an attempt to make life easier not harder. You can choose to link or not link the various Governmental connections - your choice. And you can delete the account if you so wish but I do...

Yes it was an offensive comment but so was yours. So its OK to be offended and also OK to give offence? At least "Property Hoarde" was big enough to apologise. So you stand by your own opinion until you decide your opinion is wrong. It's is OK for you to give your opinion but as a...

Really - So can you please provide a specific reference in law that prohibits an SMSF carrying on a business? I will answer for you because there isn't any. However, I would certainly agree that it would be very unrealistic to try running a normal business in an SMSF (and I am not suggesting...

There is no specific prohibition from operating a business subject to: A) it being allowed under the trust deed , and B) the operation is for the sole purpose of providing retirement (or death) benefits for members. The sole purpose test being the major hurdle.

Sounds like you need to speak with an accountant but basically the main ways to get money out of a company are wages, superannuation contributions, FBTable benefits, or dividends.

Sorry cannot agree with you on this one. Excel is might be OK for property investors but I cannot recommend it for small business unless you know the program very well. Ask your accountant but I would recommend Xero.

I really cannot see this as a Part IVA issue as long as the usual caveats of ensuring market rates / arms length transactions apply. Also using Terry's suggestion of utilising the 6 year CGT rule would maximise the benefit.

Yes you did upset me - One bad egg should not taint all of the other great accountants. I don't quite get the point of you bagging most other accountants all of the time. Why not just stick to giving your generally very good responses and leave it at that?

Fairly obvious but this is not feasable. When you de-register the SMSF you are required to make an adjustment of GST and effectively pay back the GST previously claimed on the purchase as per GSTR 2000/24. Why was the SMSF registered for GST previously or was this done simply so you could...

My understanding is that a general exemption for stamp duty applies on properties being transferred to beneficiaries pursuant to the terms of a Will. In this case John will acquire the 90% from Jenny with her cost base. for future CGT calculations. Loans is another issue that will involve...

Not working in the industry anymore Paul?

Actually land CAN be subject to the PPR CGT exemption in certain circumstances - i.e. house is destroyed. You can also choose to treat land as your main residence for up to four years before a dwelling is constructed and becomes your main residence. The problem that ferdinandch has is that in...

Get a Macquarie Bank Cash Management Account - no fees other than $5 for an initial cheque book (if you need one), and they pay 2.5% interest. I have nothing but praise for their service also.

Paul - You do some great work here and I value your contributions and opinions as I am sure everyone does (even though I do not always agree which is fine). I am quite OK with the price we pay for same being your blatant self-promotion. However I worry that your continual berating and...

Totally agree with coastymike - but then again I have only been doing this stuff for half my life so I'm am probably one of those "stupid accountants" that Paul keeps telling us all about

Very roughly - yes.

1. Completely Capital Gains (CG) exempt - depreciation not considered. 2. Calculate CG as if fully taxable including allowing for the value of depreciable items at start and end, then apportion the gain to establish the taxable CG, then apply the 50% general CG discount on the reduced...

I would think that it would be fairly easy to avoid both GST and CGT on this example. In fact this would be the classic example of when GST would not apply to a sale of new residential premises within 5 years. If you are not registered for GST the sale of a new residential property in less...