Monthly archives: February, 2009

Liability for CGT

Question Hi,I purchased a property in May 2005. I moved in straight away and lived in it for 9 months (until Feb 2006).I rented out the property out for 3 years (Feb 2006 to Feb 2009) while renting a different place for myself, so I figure the property I owned could still be classed as …

Adjusting cost base for Div 40 items

Question Hello,I sold an investment property in Nov 2007 that was acquired in 2000The unit was built in the 50’s but was modified in 2000 prior to being purchasedI arranged for a depreciation schedule to be undertaken at the time of purchase and have applied the Diminishing Value Method for Plant & Equipment and Building …

Joint purchase of my fathers house

Question My father is 76 years old and his only asset is his house which is valued at $350,000. If I was to purchase 50% of his house for $175,000 and my father paid me rent of $175 per week would I be able to claim this as an investment property for tax purposes. Answer …

Deduction of costs

Question I am currently not working and manage a property on behalf of my husband who is fully employed ( and travels a lot). The property and loan are in his name due to him having the income. Can I tranfer any of my costs (travel to see property, finding tenants, etc) to him, as …

Property Subdivision & GST

Question I have owned a farming property since 2002 in a company.The intention when purchasing was to build a new residence and use it as farming land.During the past 6.5 years the property has been used as farming land (cattle agistment).A decision was also taken after 1.5 years to subdivide and sell the land as …

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