Ask Ban Tacs
Tax Questions Answered
Question Our land in NSW was bought by a holding company registered in the A.C.T. for a syndicate of 3 shareholders -two shares each) prior to Sept 1985.The land was in two titles (one 10 acres and the other 60 acres) and a house was built by an individual shareholder on each title (also prior …
Question Land introduced into a partnership business, and therefore becoming trading stock at a price, rises in value during construction period because of market conditions. If this land had remained a capital asset, the tax would be determined by CGT provisions. Instead, the increase becomes revenue. Yet, the increase is a capital increase, not one …
Question My wife and I contribute about equally to each other’s income earning potential and what we would like is to have that reflected in our tax returns. Is a spouse allowed to pay the other for their contributions, and would this type of payment be tax deductible?By the way thank you for your two …
Question What does it mean in tax terms to "introduce" vacant land held for a long time )but not pre-CGT) jointly by husband and wife to a business entity in a serious unit development when the business entity is a 50-50 family partnership comprising only husband and wife that has come into existence when it …
Question I am an owner of a business,we have excess money in the bank which is available to take as a dividend,It has already been subject to company tax.If we take it we have been told we have to pay the tax difference between company and personal tax(13%).My question is if we leave the money …
In addition to the Ask Ban Tacs service, the BAN TACS Accountants group offer a selection of digital products to help you including Getting Your Affairs in Order, The Property Cashflow Calculator and The Capital Gains Tax Calculator.
Visit the BAN TACs Shop