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Tax Questions Answered
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 …
Question Seller has a Commercial Premise for Sale (Current occupied as Restaurant). One PTY LTD owns the Property and one PTY LTD company runs the restaurant but has never paid rent for the 15 years running, as 2 of the 4 shareholders same persons. A potential purchaser likes to offer price for the premise but …
Question I bought my property on 23/1/1995 for $200K. I have lived in the house on this property ever since. The current value of the property is $1,600K. I have developed plans for a two-lot subdivision and plan to build a new house on the rear of the block behind the existing house. The cost …
Question Married couple Australian Citizens with Current Non Resident tax status (residing in country without tax treaty) is considering purchasing land with a current house on it. The house could be rented out for a period if advantageous or demolished on purchase to subdivide into 3 blocks for sale. They just sold the last bloke …
Question I have two rental on the Gold Coast,one will have a capital gain,the other a capital loss,both properties have always made a loss.As I’m a New Zealander can these losses be used against the capital gain. As New Zealand an Australia have double tax agreement what tax rate would I be taxed if I …
Question This is a question about possible CGT liability on death of a partner. I have set out a fair bit of detail – the actual question is way down at the end… So Dad died recent 20th April 2018 aged 97. He and Mum lived at Bribie in a house they bought together as …
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