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Tax Questions Answered
Question – I purchased an investment property in Jan 2012 for $576K with an interest only Loan(A) of approx. 530K with a plan to develop 2 or 3 units and sub divide for investment purposes– It has been rented out 100% of the time up until it was demolished in June 2014– I am currently …
Question Having read your books, need some further clarity on my situation.My PPoR is a pre-CGT asset,(purchased Jan’1984),now mortgage free, we have purchased another property, currently under renovation that we plan to move into as our new PPoR, it will also be mortgage free (in approx 8 months) by the time we move in.We plan …
Question Hi want to help my daughter buy a home . I like simple but I also want to protect the asset as much as possible from her live in boyfriend. I want to avoid capital gains tax where possible . I was especially interested in page 78 of " Winning Property Tax Strategies " …
Question My wife and I own a house in Tasmania. It was purchased for $500,000 7+ years ago. We did not have any mortgage on it. We moved to Victoria 1 year ago for my wife’s work. We rented our Tasmanian house out. It was probably valued at about $480,000 then (1 year ago).We rented …
Question September 2014 my husband and I sold our home and purchased a property on 774sqm with an old house. Our intent was to demolish the house and build a new home for ourselves. We moved into the old house immediately after settlement and intend to live in it until the new house was ready …
Question what are the income tax and or capital gains tax (cgt) implications on the sale of ten (10) pre 20 september 1985 subdivision blocks of land under the following four (4) scenarios:-1. outright sale of ten (10) subdivision blocks of land in 2015.2. outright sale of eight (8) subdivision blocks of land in 2015 …
Question Hi Julia,I’m in the process of refinancing my loans, which look like this:Principle – $1.5m ($2.25m value)Investment 1 – $620k ($600k value) – jointly held with partnerInvestment 2 – $220K ($275k value) – jointly held with partnerInvestment 3 – $728k ($840k value)Is it possible whilst refinancing to move the debt up to the valuation …
Question I owned and resided in two apartments that had been joined together and when the building was built . It was two titles and were not capable of being sold individually at the time I moved to a retirement complex . I lived in the apartment for 4 years . When I moved I …
Question My wife & I have 2 negatively-geared properties in joint names. We are listed as joint tenants which means 50& share each.She ceased working as of 20Jun14, & so her share of the tax loss is wasted as she can no longer offset & get PAYG back from 14/15 onwards.Her tax refund was critical …
Question Due to the sale of an inherited dwelling in May this year I am now facing an income tax return with CGT involved and I want to know how the capital gain can be calculated. Specifically, which year will be the cost base, will partial exemption apply and will the 50% discount apply?My partner …
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