Monthly archives: May, 2010

Sale of rental property owned in company name

Question We have a basicaly dormant Pty Ltd company which purchased a unit about 15 years ago for $54000. The company has just accepted a offer of $226500. The company only receives the rent of 2 properties as income , about $26000pa (basicaly dormant).After the sale of the mentioned property only one property will remain …

CGT liability for building 2 houses on land previously PPOR

Question In 2001 we purchased a house on a block of land (730m2) which was our PPOR. 4 months ago we demolished the house and are now renting, as we intend to build on one side of the land (taking 12-15 months), live in the new house for 3-6 months and then sell it. At …

Overseas investment sold

Question Several years ago I started a business in Dubai in my own name. I visited Dubai each alternate month.Last year my local partner stole so much money from the business we had to close and I crystallised a loss of about $AUD 400,000In setting up the business I purchased a house to live in …

Capitalising Interest and Part IVA

Question Hi Julia,My wife and I are interested in the following strategy; purchasing a rental property and capitalising the investment loan interest, so that we can use the net rent to pay down our non-deductible home loan at a faster rate. This obviously means that the balance owing on the investment loan will increase substantially …

Claiming Interest as expense with intention to further develop a rental property

Question Hello JuliaApologies for the long question, but I would like to start of with a detailed context to my question, in order for you to gain a proper understanding of our situation.In July 2007 my husband and I purchased an investment property in inner city Brisbane. The property was on two lots, with a …