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Tax Questions Answered
Question Good morning, I have an investment property purchased in 2018. I have been paying extra payments on the mortgage so have 182,000 in the redraw account for the mortgage on this property. I want to know if the tax laws will allow me to redraw the 182,000 to purchase another property. This would mean …
Question FactsSale of Investment Property at Mosman NSW April 2026 – As a Non resident No other main residence but N/A as mv first rented applies. see note below* Tax Law Applicable (to be confirmed by BANTACS) Answer Well I can see you are a fan of the BAN TACS web site. Always encouraging when …
Question Are these balcony works a repair or improvement? Hi Julia, I recently had to fix damage on the balcony of my investment property. The total cost was $23k. Normally rent is around $42k but this financial year it was $34k due to some vacancy. I had the property built in 2008 and it has …
Question My query is about CGT on my late mother’s home, which will be listed for sale in July this year. Background My Questions Your advice would be greatly appreciated. Clarifying Question from Julia Do you know if your parents owned it as joint tenants or tenants in common? Have a think back to when …
Question My wife and I purchased in our names a property last May. It had a derelict house which we have demolished and we are currently subdividing into 3 blocks we are looking at keeping 1 with intention of building a home for us to retire into. Are we subject to gst withholding? This is …
Question My wife and I currently own and live in a house in the town of Cervantes. This is our principle residence and understand that no CGT will be applicable when we sell it. We will then shift into our home unit. My wife and I purchased the home unit in April 2005, for $440,000. …
Question My question is regarding CGT. I bought a house in 2007 so my son (disability pensioner) had somewhere to live. He paid below market rent but I did use the property as a tax deduction. In 2020 I retired and the house became my PPOR. I extensively renovated it at that time. I’m now …
Question Dear Julia, I am retirement age and still happily working. Unfortunately, my husband had a stroke 2 years ago and is unable to earn an income. He is only eligible for the pension in March 2027. We have been considering our retirement options for the coming years. We currently have no debt on our …
Question I’m planning to cease Australian tax residency and would like to confirm that my proposed sequence does not breach the SMSF residency rules, and that I have the CGT treatment of my personal share portfolio correct. My proposed steps are: On that basis, could you please confirm: (a) For the period while I am …
Question Hi Julia – a customer friend recommended you. Looking forward to your information. Basic story I own property in Lowood Qld 4311 12.08 hectares. I originally purchased this in 1987 for $28,000 with my partner. We built a house for approx. $60,000 here and moved in approx. Mar 1989. We separated in 2002 and …
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