Ask Ban Tacs
Tax Questions Answered
Question Hi,My situation is as follows:– I left Australia to work in South Africa 5 years ago and plan now to return in around 2 years from now.– when I left I had a residential house (primary) and holiday residence– 2 years after leaving I sold the residential house and retained the holiday residence.– the …
Question HiI will try and be clear but there’s a few parts to my question. We live in Brisbane, renting at the moment as we’ve recently sold our PPR in Central Qld. Approx 6.5 years ago we bought a house in Victoria intending to retire there in the future. It has been rented out since …
Question Hi,I am working on a yacht and have been for the past 5 years. I have been living abroad (from Australia) since 2010 (but spent two years in London – submitted a tax return there). I need some advice with handling my tax situation in Australia, could you help me with this?The longest period …
Question Hi Julia,My family trust (of which I am a beneficiary) has owned a house for 5 years. It has been rented out for the whole 5 years and interest has been claimed as a tax deduction, on the loan against the house. The trust has losses of 100,000.If I move into this house,as my …
Question My name is Lisa Lark. I read the article titled "Do the sums before bequeathing shares to your children" appearing in the Age on Wednesday, June 28, 2017. I was hoping to ask a specific question in relation to the article, being:My son inherited shares from my aunt under a testamentary trust. She died …
Question Roger and Irene purchased their residence in 1963 as joint proprietors. Irene died in 2009. Roger died in 2012 leaving a Will under which he left all of his assets, including his property equally to his three children Mary, Diane and Yvonne. Probate of his Will was taken out by Diane in 2012. The …
Question I want to buy properties, subdivide them and then flip them for a profit. I want to do this continuously. Is setting up a private company the way to go?I have an accountant but want a second opinion. Say I purchase a property. In the P & L, is the purchases of property classified …
Question I purchased our now family home in Melbourne in 1987 and I have lived in the property since. I then proceeded to meet and marry my now wife in 1990 but the property continued to be in my sole name. The property is less than 2 acres. My wife and I have now separated …
Question I sign an PoA to my auntie at Auckland NZ at 1995, she set up a bear trust at 2007 and use the PoA without my Knowledge purchase a rental property with my name as trustee register at NZ land title office. rental income has been collected and consumed by auntie .I did not …
Question I recently read an article about issues involved in transferring property to one’s wife. THe article said that it may not be advantageous to do so for ‘natural love and affection,’ as this would have negative CGT consequences upon future sale.In light of this, I have a question that I would like to ask …
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