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Tax Questions Answered
Question My question is about the deductibility of bathroom renovation costs following a leak that revealed that the entire bathroom floor and shower walls had not been properly waterproofed when the place was initially built (cca 2009). I purchased the property in 2014 and rented it out for several years, until about 2020. I then …
Question Hi My defacto partner and I are currently renting part of our house as airbnb, however the home loan is only in my name. We want to move and rent the whole house. We thought we should set up a business partnership. Are we allowed to use the home loan that is in my …
Question I am 31yrs (female) and my brother is 28yrs we went into a joint venture and purchased a house in Melbourne for $780K in a discretionary trust in May 2020 and rented out straight away and the property is now valued at 920K, property is in a affluent area and zoned in one of …
Question Hi, my wife & myself are looking to buy a 60 hectare block of rural land, about 20mins drive from Warwick, Qld. There are no buildings, sheds on the land. The rural land cannot be subdivided. We will be borrowing some money to buy the land and would like to be able to claim …
Question Hi, in October 2014 I bought an investment propoerty in Townsville just in my name for tax purposes as I was the higher income earner. This was rented out from purchase until February 2018. My wife and I then moved into the property and it became our principal place of residence. From when we …
Question Dianne is the executor and beneficiary of Gary’s Will. Gary died on the 5 December 2018 leaving a residential property (“the property”) to Dianne. Dianne seeks advice in relation to the deceased’s estate’s potential liability for Capital Gains Tax following the proposed disposition of the property. The background to the use and ownership of …
Question Seller has a Commercial Premise for Sale (Current occupied as Restaurant). One PTY LTD owns the Property and one PTY LTD company runs the restaurant but has never paid rent for the 15 years running, as 2 of the 4 shareholders same persons. A potential purchaser likes to offer price for the premise but …
Question I sign an PoA to my auntie at Auckland NZ at 1995, she set up a bear trust at 2007 and use the PoA without my Knowledge purchase a rental property with my name as trustee register at NZ land title office. rental income has been collected and consumed by auntie .I did not …
Question HiPlease confirm my understanding or advise on the following:1. I have done a property development in a Trust that is registered for GST. A residential property was purchased, the block split & the existing house sold & a new house constructed on the split block. Summary belowGST ReconciliationMargin SchemePurchase A 25-2-14 561,500Sale A 23-10-14 …
Question I am a “mum & dad” type developer and have just purchased another block of land to construct next property (duplex). I have built and sold a couple of properties previously and thus captured as ‘conducting a business’, with sole trader gst registration, BAS, margin schemes etc.My spouse is looking to invest in property …
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