Category «Rental Property – General»

Replacing Bathrooms before Renting Out

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 …

Agistment Can’t Negative Gear

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 …

CGT on Inherited Rental/Main Residence

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 …

GST Going Concern Exemption

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 …

Property Development

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 …

Selling newly constructed property to spouse

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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