Ask Ban Tacs
Tax Questions Answered
Question Hi there, I hope this question is appropriate. We have a construction company. The income is Personal services income and doesn’t pass any of the tests. The company bought a Toyota Hilux double cab recently for the business. My question is as follows: Is this company entitled to claim the instant asset write on …
Question Subdivide PPR, Build on New block…eventually selling New PPR & CGT. 1) 2015- Purchased PPR for $600k 2) 2020- Subdivided PPR (Old PPR worth about $850k, Vacant Block approx $450k). 3) 2021- Commence Build new PPR on Subdivided Block, at cost of $250k. 4) 2022- Sell Front/Original PPR (CGT Free), move into completed New …
Question I purchased a property in Melbourne in 2015, for $600k, due to its large backyard and proximity to schools, transport etc. The house was in very poor condition, with other similar houses selling for closer to $450k at the time. We moved in asap after settlement. We have made renovations and small extension to …
Question Hi, in October 2014 I bought an investment propoerty in Townsville just in my name for tax purposes as I was the higher income earner. This was rented out from purchase until February 2018. My wife and I then moved into the property and it became our principal place of residence. From when we …
Question I bought a house in Sydney with my then husband in June 1997 for $265,000 and lived in it with him until our separation in 2008. I retained the house in the divorce and transferred it into my name as part of the settlement in 2009 (this was not considered a sale). It was …
Question Hi there, Question is on claiming meal expenses when preparing food yourself in the RV. We have read through the information first on No Boundaries (and purchased book) and then BANTACs but cannot find the info. Q: Is there a general rule of thumb for self-prepared meal expense costs? These will predominantly be for …
Question Hi Julia, I had been living in my house (Property 1) since first purchased in Dec 2005 (100% owned by me) as my principal place of residence (PPR). On 10/6/2019, I moved out of Property 1 into a rental property not owned by myself or my spouse, where I am currently residing. On 22/7/2019 …
Question My wife and I have recently sold our PPR in Sydney and we want to move into our smaller investment property that we have owned and rented out for 8 years. Should I get a current valuation in order to calculate the CGT for when we sell the property in the future? Thanks, Ross …
Question I purchased a property in August 2013 with my then partner for $370,000. It was intended as our main residence but we were not able to move in until January 2014 due to work commitments interstate. During this time, a period of 5 months, we rented the property via an agent. In Jan 2014 …
Question I have a client who purchased her property in 1992 for $200,000. the market value today would be around $1,000,000 She has lived in the property for the entire time and now wants to develop the site by way of a Duplex selling one and living in the other. The costs of the development …
In addition to the Ask Ban Tacs service, the BAN TACS Accountants group offer a selection of digital products to help you including Getting Your Affairs in Order, The Property Cashflow Calculator and The Capital Gains Tax Calculator.
Visit the BAN TACs Shop