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Tax Questions Answered
Question First of all, apology for my English. Hopefully you understand what my questions are. I will try my best to describe my current situation as much as I can. Also thank you for offering this questioning system! I have purchased an old house in April 2021 and since then I have been living in …
Question I’ve read Winning Property Tax Strategies (thanks!) and our situation is similar to the example “One property, two friends, two homes” provided on pages 177 to 180. For context… I am a property developer. My brother and I are starting up a residential building business together to build our own development projects. My brother …
Question Subdivide PPR, Build on New block…eventually selling New PPR & CGT. 1) 2015- Purchased PPR for $600k 2) 2020- Subdivided PPR (Old PPR worth about $850k, Vacant Block approx $450k). 3) 2021- Commence Build new PPR on Subdivided Block, at cost of $250k. 4) 2022- Sell Front/Original PPR (CGT Free), move into completed New …
Question I purchased a property in Melbourne in 2015, for $600k, due to its large backyard and proximity to schools, transport etc. The house was in very poor condition, with other similar houses selling for closer to $450k at the time. We moved in asap after settlement. We have made renovations and small extension to …
Question I bought a house in Sydney with my then husband in June 1997 for $265,000 and lived in it with him until our separation in 2008. I retained the house in the divorce and transferred it into my name as part of the settlement in 2009 (this was not considered a sale). It was …
Question I have a client who purchased her property in 1992 for $200,000. the market value today would be around $1,000,000 She has lived in the property for the entire time and now wants to develop the site by way of a Duplex selling one and living in the other. The costs of the development …
Question Under the new amended legislation to require buyers of new subdivision of potential residential land to withhold the GST component of the purchase price there appears to me an anomaly with the way the GST Withholding Annexure issued by real estate agents in WA. The notice starts of with 1. Is this contract concerning …
Question – IP purchased 2017 with single home and approved plans for 2 town houses. A loan of $1,250,000 was drawn for this purchase, property was rented out until it was demolished/construction began in Feb 2019. – Loan interest deductions have been claimed in full (up till last Tax return 2018/2019) as the 2 new …
Question I have a rental property that I purchased over a decade ago for the purpose of renting out, and it has remained occupied for the duration of my ownership. It was purchased in my own name, I do not have an ABN, and I am not registered for GST. It has now reached the …
Question Have client purchased residential property with house December 1997 for around $180,000 (using Company Structure, in business code “on tax returns” of rental/lease of no residential properties ie owns 3 other commercial properties leased). Property (land) price now valued around $600,000 Rented the Residential House on and off most of the period up to …
