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Tax Questions Answered
Question I purchased a 1.5 ha block of land with a shed on it in July 2011, I moved into the shed on the day of settlement (due to not being able to afford to rent elsewhere) and got building approval (owner builder) for a small house in September 2012. I had hoped to take …
Question I seek an opinion on my Sons liability to pay Capital Gains based on the following facts.My Son is an Australian citizen.My Son occupied his current prime residence in December 2003 and the family lived there till December 2008. That month the family moved to Qatar to housing provided by his employer. His Australian …
Question I bought Property 1, and moved into it, on 11 December 2003. The purchase price was $820K.I bought Property 2, with a tenant in place, on 29 October 2004. The purchase price was $320K.I moved out of Property 1 from 17 February 2008 – 30 June 2008, during which it earned income from holiday …
Question My wife and I own our current home, purchased in 1982.We have just purchased a block of land down the coast (May 2013) and paid cash.We plan to build a house on the block within the next 12 months, and will use this as a weekender or for holidays over the next several years. …
Question BackgroundMy wife and I (dual UK/ Australian citizens) have a house in London which we rent to tenants. We are registered with the UK’s tax authorities and, following interest, expenses and allowances, have had little or no annual tax liability on the property. UK tax Returns are submitted annually.The house has been leased to …
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 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 I am a retired Accountant/Tax agent and assist my Brother-in-law and his Wife to prepare their tax returns utilising Etax.This years tax (2012/2013 will be more complicated in that they have sold their Sydney investment property (Quakers Hill).Period of their occupancy and other data is as follows:29/03/1996 – Purchased vacant land at Quakers Hill …
Question We own a 925sqm block with an existing house. We bought this property in 2001 and have lived here since. I am 56 and my wife is 57. We intend to retire when I am 60 in April 2017. Post retirement we plan to move overseas and live there for five years till I …
Question I am sole owner of a trading Pty Ltd company and the sole trustee of a discretionary trust that owns eight investment properties.I have been a tax resident for 12 years but now wish to return to my home country.My trading company is over-capitalised and I would probably not be able to sell it …
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