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Tax Questions Answered
Question I hope you’re well.I’m seeking your professional advice on a tax matter regarding interest deductibility relating to client’s former principal residence, which became an investment property in 2019. Here is a summary of the situation: I understand that the ATO generally bases interest deductibility on the use of borrowed funds, not the security of …
Question Hi,Background:I purchased a vacant residential block of land in 2018 with my then partner – the land (mortgage) was in both of our names (equally). We couldn’t decide on what to build, then COVID hit and building became harder. We then separated in 2020 and our financially binding agreement was complete in 2022. As …
Question This is a follow-up question but you may well determine it constitutes an additional question—if so please let me know where/how to pay for that if so. The scenario that I had asked about quoted in the email thread further below back in July 2023 turned out in the end *slightly* differently than we’d …
Question My question has two parts, in relation to CGT on the sale of investment property. a) from the 2018FY all owners of investment properties have been unable to claim traveling expenses related to annual inspections, or travel to carry out works at properties between tenants. I have kept detailed account of all such travel …
Question Hi there I’m wondering if you can help me here on working out any capital Gains Tax I will have to payI have just sold my home for $1 100 000 with settlement to occur on 11 Jan 2024I have rented out part of my home for the last 2 years and I’d like …
Question I purchased a property in December 2018 for $820,000 it is now valued at $1,800.000. This property was bought by me with my finds, however at the time I decided to included my daughters name on the property title. We both own 50% each, as Joint Tenants. I have lived, and I’m still living …
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 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 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 …
Question This is continuing from our emails & is related the previous question CGT Start Date on Inherited property. Question is, what are my Capital Gain ramifications and if I am not entitled to the 50% CGT discount plus the tax free component how long would I need to return and live in Australia for …
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