Offsetting Farm Losses Against Other Income

Question I’d like to minimise my tax when developing a small farm. We’ve recently bought a 28 acre block, and will run a farm which will get us primary producer status as we meet the ATO requirements for that. The block has a house that we’re going to rent out and negatively gear. We’re planning …

Transferring Property Out Of Your SMSF

Question Seeking to clarify what are the actual rules around someone that has reached preservation age 57 being able to now keep or use the investment property that is currently in the SMSF title and was purchased outright through the SMSF using Concessional contributions ie SG amounts? (has been rented previously with income following into …

Caught by Div 7A?

Question If a company director takes money out of his company regularly, several times a year, year in year out but repays it before the 30th of June each year, does Div7a apply? Answer No, in fact he has up until the due date for lodgement of the company tax return to repay the amount …

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 …

Is FIFO from NZ?

FIFO plane

Question My wife and I are both Australian citizens (Aussie born) – we moved to NZ last year where we rented a house, put our 2 Aussie kids into a NZ school etc. I FIFO back to Australia for work (spending more than 6 months a year in Aus, 4 weeks on / off) – …

How is a granny flat right created?

Question My situation involves a granny flat interest and possible capital gains tax implications. In late 2017 my parents gave me 300k as a bank transfer for a deposit on a house with a granny flat attached. No legal documents were drawn up with reference to the transaction at the time and none have been …

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 …