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Tax Questions Answered
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 …
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 …
Question – IP purchased 2017 with single home and approved plans for 2 town houses. A loan of $1,250,000 was drawn for this purchase, property was rented out until it was demolished/construction began in Feb 2019. – Loan interest deductions have been claimed in full (up till last Tax return 2018/2019) as the 2 new …
Question I have a rental property that I purchased over a decade ago for the purpose of renting out, and it has remained occupied for the duration of my ownership. It was purchased in my own name, I do not have an ABN, and I am not registered for GST. It has now reached the …
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 …
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 …
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 …
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 …
Question I bought a house in NSW with a vacant block adjoining in September of 2018. The block was on two separate titles but purchased from the one vendor. It was purchased solely in my name. We have lived in the house since purchase and have now decided to renovate the house we are in …
Question Facts * I setup a Trust and Corporate Trustee for our family back in 2009 shortly after our first son was born. * My wife and I are the (only) two directors of the Corporate Trustee. * I’ve not had any updates made to the Trust Deed since. * We made two—highly speculative, illiquid—private …
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