Keeping the Nexus When Refinancing

Question I have a loan for an investment property with Westpac for $220,000. I also have an unused loan facility with ANZ for $220,000. I want to transfer the $220,000 loan amount from Westpac to ANZ as ANZ is about 1% cheaper. The WBC loan facility will be kept and used for other personal purposes. …

GST Withholding Clause When Seller Not Registered for GST

Question Under the new amended legislation to require buyers of new subdivision of potential residential land to withhold the GST component of the purchase price there appears to me an anomaly with the way the GST Withholding Annexure issued by real estate agents in WA. The notice starts of with 1. Is this contract concerning …

CGT Start Date on Inherited property

Question I am currently living/retired in Thailand and am considered a Non Resident for Taxation purposes. My mother purchased an apartment in May 2013. She passed away in Feb 2017. The apartment was left to me in the Will and the transfer to my name was completed in Oct 2017. I lived in the apartment …

Margin Scheme Strategy

Question Have client purchased residential property with house December 1997 for around $180,000 (using Company Structure, in business code “on tax returns” of rental/lease of no residential properties ie owns 3 other commercial properties leased). Property (land) price now valued around $600,000 Rented the Residential House on and off most of the period up to …

Buying a Farm to Retire to in Your SMSF

Question I am planning to set up an SMSF. I am transferring my industry fund to an SMSF after receiving a redundancy in 2019. The current balance in the Super account is $350,000. It will be a joint SMSF with my partner, who has an old super fund with just a few hundred dollars in …

Choosing Which Main Residence to Cover When Children are Living in Your Old Home

Question Capital Gain in a Trust with revenue losses. Trust has only one beneficiary. Trust has revenue loss for the year of $29,788 with a Gross Capital Gain of $200,000 on the sale of the Business. Therefore accounting distribution is $170212. Tax return has a Capital Gain (Net after discount and active asset reduction) of …

Distributing Discounted Capital Gains to Trust Beneficiaries

Question I have several questions regarding how Capital Gains Tax would apply to a transfer of title of a residential property to one of my children. Background: In 1981, I purchased a residential property in Sydney and I was registered as the sole proprietor. From the date of purchase, my wife and I occupied the …

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