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Tax Questions Answered
When a superannuation fund pays out life insurance to a beneficiary or the estate it is called a death benefit payment. This payment will most likely be made up of a taxable portion and a non taxable portion. These two portions are joined at the hip. You cannot get one without the other. They are …
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 …
Question We purchased a 40 ha (100 acre) property in early 2018 for about $920 K, the offer of acceptance included a GST Annexture where the choice “Sale of Farming Business as a Going Concern”, was signed by all parties such that the transaction was GST free. The property was bought in our own names, …
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 …
Question Wife borrows against her investment property to lend to husband’s company with a formal loan agreement. Company directly pays the interest on the increased (split) portion of the loan. Should wife account for both the income (repayments) and interest in her tax return or is this some “domestic arrangement” with no tax implications for …
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 …
Question I wrote to Noel Whittaker and he suggested that you might be someone who could assist us. My husband (84) and I (77) are planning to build a “Granny Flat” in our back garden which we intend to move into, as we feel we will need a level one storey villa as we become …
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 …
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) – …
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 …
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