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Tax Questions Answered
Question Hi JuliaI have a complicated situation. I bought a house with my ex partner in approx 2006 for $298000 (I would also estimate we have spent at least $40000 since then on improvements to the property). We split up in 2012 but for various reasons I still have my name on the property and …
Question We are planning to knock down our principal place of residence (purchased Dec 1985) , build 2 townhouses, move into one and sell the other. If we sell the one we don’t intend to live in ‘off the plan’ before we knock down the existing residence can this sale be CGT and GST exempt …
Question Hi Julia,If Company has a 1.5M carried forward loss (trading loss not capital) and sells a Commercial Rental Property (leased until 2021) with a capital gain (for example of 1M) does the Capital Gain ultimately just get deducted of the C/F trading loss. For example 1.5m minus 1m leaving the 500,000 c/f and no …
Question I purchased a house in 2007 which I proceeded to rent out. In 2011, the backyard was subdivided with a second dwelling built and then also rented.The old, existing house was demolished a few months ago. That lot is in the process of being subdivided into two lots with construction started on two new …
Question My husband and I purchased property July 2000, merely realising an asset in 2004 when land use was changed to R30, we built 2 units at the rear of the block. Building commenced July 2006. Rented out June 07. These were on one title until Sept 11. Due to my husbands ill health we …
Question A taxpayer passed away on 20 December 2014. The taxpayer & his spouse owned a private property which was never rented out. However they also owned a rental property which was rented out as soon as they purchased it. The rental property was purchased around 10 years ago. The couple don’t own any other …
Question Hi,together with my family I was transferred overseas by my employer in August 1998. We rented out our home before selling it in September 2001. We subsequently paid a deposit on another home in the next suburb in December that year and settled in February 2002. This house was rented until October 2004 when …
Question Hi JuliaI’ve read the BanTacs booklets and notice boards regularly during the last few years and always find them packed with great info – the best on the web! Keep up the great work! Unfortunately I couldn’t find an existing answer to my current query so here goes…My wife and I have identified a …
Question HiI had a property in Sydney purchased in Nov 1998 for $330k that was my family home until we left Sydney and rented out the house in Feb 2006. In the mean time I rented a place in my new location until I bought another house and moved into it in March 2011.In October …
Question Hi,Three family members with no PPR are looking at purchasing an existing house which is in an area that would allow the building to be replaced with three strata homes. I need to know how to do this with minimum costs (minimising stamp duty, GST GCT etc) . I see complications in the purchase …
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