Tax Questions Answered

This advice is general in nature and should not be acted upon without first obtaining professional advice on your particular circumstances.Please note that the answers, to other people’s questions, that you see here, are very specific their question. You cannot rely on them for your particular circumstances. Further, if you do askbantacs, before you act on your answer, you need to run it past your Accountant, who will understand the wider implications to your particular situation.

Monthly archives: June, 2011

CGT relating to holding costs of the principle place of residence that was rented out for 1st year of ownership

Question Dear Julia,My principal place of residence was used as a rental before I lived in it for the 1st year of ownership and I understand it will carry a pro rata CGT liability.I believe I can claim for any improvements to the property irrespective of when they were carried out and deduct this from …

Please advise if I should deregister from GST before selling a property and not be treated as in a development business.

Question Am I deemed to be "An investor who is simply realising an asset in the most marketable way". And not a person/business who "acquired a property with the intention of improving it in some way to resell at profit?"Can I deregister from GST and sell my property and be classed as the above investor …

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