Category «Rental Property – General»

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 …

Mixed property development

Question – I purchased an investment property in Jan 2012 for $576K with an interest only Loan(A) of approx. 530K with a plan to develop 2 or 3 units and sub divide for investment purposes– It has been rented out 100% of the time up until it was demolished in June 2014– I am currently …

setting up a company, family trust and subsidiary company for investment properties and assets

Question I’m looking at the possibility of setting up a company name ‘WM Mayer Pty Ltd’ which would become the trustee company for a family trust – ‘WM Mayer Family Trust’ – primarily for the purposes of investing (properties, shares, ETFs etc).I bought my current two properties in Mackay:Monash Way, Ooralea in August 2012 (initially …

Rental property becoming residence

Question I can find a lot of articles on the situation where a person turns their current home into a rental after purchasing a new property resulting in the loan being non tax deductable.Our situation is the opposite. We want to move into our rental and make our current home the new rental – so …

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