Ask Ban Tacs
Tax Questions Answered
Question My husband and I own 3 old rental properties in joint names and want to subdivide one (purchased 2001) and build two new houses to rent out long term. To reduce liability issues and land tax we want to have one property in each name. We are told we can remove one name from …
Question We purchased our family home in 1996. The house is on a large block, which we would like to subdivide. My understanding is that if we subdivide the block and sell the land with planning approval, we are not liable for GST and CGT. If, however, after subdividing we build a house on the …
Question Hi Bantacs,We have recently purchased our new home that we (me,my wife & 2 daughters)live in on the Gold Coast, in a Discretionary trust with a corporate trustee.I have been told I can get a long dated lease to offset Capital Gains tax on the sale of the home.It works something along the lines …
Question Hi JuliaI purchased a house on a 1100m2 block of land for 820000 in 5/09, the house is my PPOR, I am planning to subdivide the block which would leave a 400m2 land for development, which I plan to sell, with an approximate value of 600 000, the house valuation stands at 1 300 …
Question In 2001 we purchased a house on a block of land (730m2) which was our PPOR. 4 months ago we demolished the house and are now renting, as we intend to build on one side of the land (taking 12-15 months), live in the new house for 3-6 months and then sell it. At …
Question Several years ago I started a business in Dubai in my own name. I visited Dubai each alternate month.Last year my local partner stole so much money from the business we had to close and I crystallised a loss of about $AUD 400,000In setting up the business I purchased a house to live in …
Question What sort of structure should we use to buy our next investment property?Overview; My wife and I currently own a duplex we developed from a singlevacant lot originally with the view to rent out. We have now changed ourminds and are currently selling them. The contract dates are more than ayear apart, and are …
Question Husband and wife partnership did residential land subdivision development in two stages over several years. Partnership had ABN & GST registration. Majority of lots sold via Real Estate Agents.2 vacant lots are to be kept for future investment.Partnership not doing any further business, as all stages sold.Now GST registration due to be cancelled, as …
Question We’ve just sold an investment property for $345k in March 2010 (purchased Dec 07 for $350k/borrowed $370k). After fees & charges we have a capital loss of $31k. We have another investment property which we are considering selling & want to know is there any advantage in selling that in either this financial year …
Question My wife and I bought property 1 as a family residence in joint names in 1988 price $105000.The property was transferred into her name for rental/ negative gearing purposes in 1992 and we then bought property 2 as a family residence in her name.We separated 8/07 and divorced 3/09.I have lived in property 1 …
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