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: April, 2012

Claiming expenses

Question Can I claim costs associated with a property I am living in (such as capital improvements) if the property has previously been rented out? If so, what types and in what way are these expenses claimable (eg. added to the cost base for CGT purposes). If not, would it make a difference if we …

PPOR to IP with a positive Cash Flow

Question After 4 long years my wife and I decided to turn our PPor to an IP. The strategy was to rent cheaper and benefit from the rental income. Purchase Price: $450K, Loan Balance $183K, Rental Income: 32K per annum (excluding all expenses), Current Value:$530KWe recently purchased a 2 bed unit as an IP under …

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