Ask Ban Tacs
Tax Questions Answered
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 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 am seeking your advice about using a loan from my parents to refinance an investment loan. The background is that I have a $200,000 loan with a bank that was used to purchase dividend paying shares. The loan was a new split facility (secured against a property), and the funds from this split …
Question My question centres around maintaining deductability on an investment loan, but I have provided a lot of background information for you first. Current: – I have a Rocket Repay Home Loan with Offset (Westpac) secured against my PPOR. – I am still within the 5 year interest only period of the 30 year loan …
Question I’m an investment owner in a NSW residential strata building that is registered for GST.We’re about to undertake a major repairs to the common property, and have arranged a strata loan (at the body Corp level) which is be repaid with interest over a number of years, drawn from the owners levies.GST is normally …
Question I recently read an article about issues involved in transferring property to one’s wife. THe article said that it may not be advantageous to do so for ‘natural love and affection,’ as this would have negative CGT consequences upon future sale.In light of this, I have a question that I would like to ask …
Question Hi Julia,I have a question relating to the deductibility of loan interest following a loan top up and potential loan refinance. The detail of my situation relates to the previous question I sent to you last year, but to recap, I have 3 loans with one bank secured against a single rental property. The …
Question 1. Purchased investment Property Feb 2012 with 540K Loan (A). Was rented out 100% of the time until construction began June 2014 for 3 investment units.2. Drew a construction loan (B) of 450k to build the 3 investment units.3. Shortly before construction started, we decided that we would live in one of the new …
Question About 10 years ago I bought an investment property via a unit trust in a SMSF. At that time the only way to have a property in a SMSF was to also set up a unit trust. The property is 60% SMSF and the company loaned 40%. During the ownership of the property the …
Question I have a variable loan with limit of 450k which i can use to buy proprties. I m intend to use part of this money to do renovation on 4 existing IPs that , 2 hold 100% my name, 1 hold 100% husband name, 1 is held 50%/50% tennants in common. My accountant suggest …
