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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 …
Question I bought an old house with my cousin as tenants in common (50% each) and built a new house after demolishing the old one.We shared all the expenses in half. After the completion, he use the new house as his main principle of residence and I do not charge he any rent during the …
Question My wife sold an investment property in 2007-2008 tax year.Incurring a capital loss of $17,000. Can this be claimed against her income tax this tax year ie 2008-2009 Answer The capital loss must be included in her 2008-2009 income as a carried forward loss and continue to be included until it is offset against …
Question My son recently purchased an old house that is on land zoned for units. We plan to form a JV or partnership, demolish the old house and build 6 units. My son is overseas at present and has been for a few years. He is not registered for gst but I am. I will …
Question We owned a property in NSW from 1/5/2000 which we lived in for 2 years. We then moved around with work and rented various properties in NSW and QLD. The original property was never rented out and was intended to be our ‘main residence for capital gains tax exemption’.We then bought another property in …
Question 2 years ago I bought a unit in Melbourne CBD off the plan. It cost $202000 but I only had to pay $20200 as a deposit. The development is nearly complete but I am looking to sell beforehand. Real estate tells me I can probably get about $235000 to sell now. My question is …
Question his is a capital gains question specific to my circumstances – will give you the details and if you can confirm whether it will be a $39.95 special or otherwise the cost involved and how I go about paying.Bought a property jointly about 10 years ago and we are now divorcing so we have …
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