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Question Hi Julia.In 1998 my father and I formed a company to buy a duplex, so that he could live in one half, and I could rent out the other. The Company Title arrangement had a big advantage over joint tenancy since it allowed me to deduct the whole of my mortgage and running costs, …
Question Good evening,My husband purchased an investment property for rental in November 2011 we sold it in October 2015. We have never lived there nor used for private purposes. He stopped renting it out in January 2014 so we could sell the property as the maintenance was not worth the income, the gardens and yards …
Question Hi Julia,I have a question relating to the deductibility of loan interest following a loan top up and potential loan refinance. The detail of my situation relates to the previous question I sent to you last year, but to recap, I have 3 loans with one bank secured against a single rental property. The …
Question Hi JuliaI have a complicated situation. I bought a house with my ex partner in approx 2006 for $298000 (I would also estimate we have spent at least $40000 since then on improvements to the property). We split up in 2012 but for various reasons I still have my name on the property and …
Question We are planning to knock down our principal place of residence (purchased Dec 1985) , build 2 townhouses, move into one and sell the other. If we sell the one we don’t intend to live in ‘off the plan’ before we knock down the existing residence can this sale be CGT and GST exempt …
Question Hi Julia,If Company has a 1.5M carried forward loss (trading loss not capital) and sells a Commercial Rental Property (leased until 2021) with a capital gain (for example of 1M) does the Capital Gain ultimately just get deducted of the C/F trading loss. For example 1.5m minus 1m leaving the 500,000 c/f and no …
Question I purchased a house in 2007 which I proceeded to rent out. In 2011, the backyard was subdivided with a second dwelling built and then also rented.The old, existing house was demolished a few months ago. That lot is in the process of being subdivided into two lots with construction started on two new …
Question My husband and I purchased property July 2000, merely realising an asset in 2004 when land use was changed to R30, we built 2 units at the rear of the block. Building commenced July 2006. Rented out June 07. These were on one title until Sept 11. Due to my husbands ill health we …
Question A taxpayer passed away on 20 December 2014. The taxpayer & his spouse owned a private property which was never rented out. However they also owned a rental property which was rented out as soon as they purchased it. The rental property was purchased around 10 years ago. The couple don’t own any other …
Question Hi,together with my family I was transferred overseas by my employer in August 1998. We rented out our home before selling it in September 2001. We subsequently paid a deposit on another home in the next suburb in December that year and settled in February 2002. This house was rented until October 2004 when …
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