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Tax Questions Answered
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 …
Question I bought a house in NSW with a vacant block adjoining in September of 2018. The block was on two separate titles but purchased from the one vendor. It was purchased solely in my name. We have lived in the house since purchase and have now decided to renovate the house we are in …
Question Dec 13 – My client & his brother in law purchased an investment property in Victoria. Did few repairs to put it on to rent. Jun 14 – Tenanted for 1 year up to Jun15 Oct 14 – Transferred 50% of their respective share to their wives owning 25% each after the transfer out …
Question I currently own an apartment in my own name. I originally lived in the apartment and then moved out and rented the apartment (qualifying for the main residence exemption). I now live overseas and am caught by the governments latest changes which remove my CGT benefits if I sell the property while a non-resident. …
Question Wife borrows against her investment property to lend to husband’s company with a formal loan agreement. Company directly pays the interest on the increased (split) portion of the loan. Should wife account for both the income (repayments) and interest in her tax return or is this some “domestic arrangement” with no tax implications for …
Question I bought my property on 23/1/1995 for $200K. I have lived in the house on this property ever since. The current value of the property is $1,600K. I have developed plans for a two-lot subdivision and plan to build a new house on the rear of the block behind the existing house. The cost …
Question Married couple Australian Citizens with Current Non Resident tax status (residing in country without tax treaty) is considering purchasing land with a current house on it. The house could be rented out for a period if advantageous or demolished on purchase to subdivide into 3 blocks for sale. They just sold the last bloke …
