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Tax Questions Answered
Question Hi, My question is in two parts, but relates to company car purchase, so have deemed this to be a simple question. I started a private company (GST registered, sole director, transferred from Sole Trader structure) in 2021 and am also continuing the sole trader business (has ABN) that was started in 2019. I …
Question I have a client who signed a contract to sell his farm (going concern) on the 16th of June 2022. The settlement didn’t take place until the 29th of July 2022. In the contract, the plant & equipment were allotted a ‘nominated’ price of $100k. In the contract, the livestock were allotted a price …
Question In 2014 February, me and my Mom bought a property for $579 000 (tenants in common 50% each) to live in (principal place of residence). I had moved to work overseas in 2009, and is still currently working overseas; the reason we bought in joint names is because My mom could not get bank …
Question Dear Ban Tacs, In 1993 I purchased my home in suburban Perth W A in my own name. The purchase price was $180,000, and since purchase it has been my primary residence. At purchase I estimate the land value to have been $100,000 and the house $80,000. The total land area is 760 sqm …
Question I am planning to buy an investment property – an apartment in Hobart. I am applying for a loan. The lender won’t lend me enough money (new loan for an investment property) to cover the cost of the apartment unless I use my current owner occupied property as security (my house in Lutana, Hobart). …
Question My father died recently and I am helping Mum to decide whether to wind up the family Trust. I am a beneficiary of the Trust and per her will would receive one-third of its assets when she dies. For simplicity, let’s assume I inherit it all. The Trust and its assets are in New …
Question In 2002 I bought a 3 bedroom house for my mother and father to live in. I paid $260,000, plus legals and stamp duty. Dad died 15 years ago and my mother still lives in the house. I have never charged them rent. Over the years I have paid for capital improvements costing roughly …
Question CGT on Rural Property I bought an 85 acre block of land in 2001 and lived in a shed on it until I built a house on it 5 years ago. It is my primary place of residence. I am 57 years of age and have a defacto partner. I have bought and sold …
Question When my wife and I were renting in Sydney in 2010, we purchased our first home to live in country NSW. Due to timing with the finishing work and planning the timing of our move, we rented the property for an initial 9 month period, until we were ready to move. This was also …
Question You have helped me not long time ago. I have decided to sell my land. I wanted to ask you to help me this time with very simple enquiry: It is about CGT again but this time regarding to sale of my land. I wanted make sure that I am eligible for 50% discount …
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