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Tax Questions Answered
Question Dec 13 – My client & his brother in law purchased an investment property in Victoria. Did few repairs to put it on to rent. Jun 14 – Tenanted for 1 year up to Jun15 Oct 14 – Transferred 50% of their respective share to their wives owning 25% each after the transfer out …
Question In the recent drought, the lawn has completely dried out and died off. Now that the rain has arrived, everything has started growing again, however there is no longer any trace of lawn. The weeds have completely taken over. To maintain the property in a tenantable state, and to minimise vacancies, I am considering …
Question We moved to Australia in 1996 and would have continued to do so today but my elderly mother-in-law required looking after and we went back to New Zealand in 2007. During those 11 years in Australia we bought approximately $100,000 of shares (under my wife’s name) and now these shares are worth around $190,000. …
Question I currently own an apartment in my own name. I originally lived in the apartment and then moved out and rented the apartment (qualifying for the main residence exemption). I now live overseas and am caught by the governments latest changes which remove my CGT benefits if I sell the property while a non-resident. …
Question Balancing Adjustment: Motor Vehicles Extract from ATO:“If you cease to hold or use a depreciating asset, a balancing adjustment event may occur. If there is a balancing adjustment event, you need to calculate a balancing adjustment amount to include in your assessable income or to claim as a deduction. A balancing adjustment event occurs …
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 …
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