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Tax Questions Answered
Question BACKGROUND FACTS QUESTIONS Answer BF can only salary sacrifice income that is earned after he notifies his employer that he wants to salary sacrifice. In the case of a bonus the notice needs to be given before the bonus “accrues”. Looking at the figures you have provided, if I understand them correctly. 2022-2023 received …
Question I hope you’re well.I’m seeking your professional advice on a tax matter regarding interest deductibility relating to client’s former principal residence, which became an investment property in 2019. Here is a summary of the situation: I understand that the ATO generally bases interest deductibility on the use of borrowed funds, not the security of …
Question Background:I am an Australian citizen and my wife currently holds Hong Kong passport. She obtained the partner PR and is now getting annual Australian Resident Return visa (subclass 155). I moved to Hong Kong in 2008 and has been a non-tax resident since then. In 2015, I purchased a house in Sydney for AUD …
Question Hi Julia,Its great listening to your advice on the Property Couch. I e-mailed you through Empower Wealth and I was directed to this site.I was hoping I could get some clarification on a property purchase/transfer to see if we proceed and execute it correctly if it will have the best financial/Tax outcome for us …
Question I am about to draw just under $200k in equity from my home. I intend to instruct the mortgage broker to split the loan. There will be two offset accounts. There will be the existing home loan which will be linked to one offset account. There will be a second loan linked to the …
Question We have been fortunate enough to enter the property market in multiple cities and have seen great growth over the years. We have sold one property and we will be selling another one of our properties soon. We are looking at the capital gains and in particular, how we can limit the amount of …
Question Estimate CGT on possible sale of a home unit property Sydney used both as main residence and rented. Answer There is nothing in your question that would make me think that the building depreciation would not be written back against the cost base. Further if the unit is sold while the owner is living …
Question Hi,Background:I purchased a vacant residential block of land in 2018 with my then partner – the land (mortgage) was in both of our names (equally). We couldn’t decide on what to build, then COVID hit and building became harder. We then separated in 2020 and our financially binding agreement was complete in 2022. As …
Question Hi. My mother (93) recently passed. She and my father jointly purchased a rental property in about 1970. Dad passed in 1993 and therefore his share of the property passed to my mother. The property was not listed on his Grant of Probate (I would think this is because it was a joint tenancy). …
Question My wife (67) and I (73) jointly have three properties in NSW. They are as follows: One is our principal place of residence. We have owned it for 20 years and it has appreciated by $2 million Another, which is an AirBNB since 4 years, was constructed after 2 years of owning the land. …
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