Latest Questions – Page 21

CGT

Question I bought a property in Darwin in April 2003. It was in my name only. I lived in it from the purchase date until end of September 2011.This property was then rented out from 1 October 2011 until 10/9/13 and I then sold it on 23/10/13.I purchased another property in Sydney in joint names …

Using the Margin scheme for GST on a development

Question Hi Julia,We are purchasing land with a house on it in Victoria which we are going to develop ie. demolish house and build 3 units to then sell.We are purchasing from a non registered GST seller. We are wanting to use the margin scheme for calculating GST when we sell. My question is what …

Capital Gains – PPR and the Market Value Rule

Question Hi there.I would like to confirm the following.I have a client who had a PRR. It was purchased Nov. 2009. He lived in it till Feb. 2012 when it was first rented out. Market value at Feb. 2012 was $510,000. When my client moved out he rented another property and has not purchased another …

investment property

Question I am going to buy a unit to renovate & sell within approx 3 years, I intend to let my daughter live in it after the renovation until I decide to sell. I was not intending to charge her any rent. When I sell,will the capital gain/loss be affected if no income is derived? …

Can I claim deductions for scrapping our investment property and are we liable for GST

Question An old house was purchased between brother and my husband and I as tenants in common with 50/40/10% share respectively on 6 July 2013 (settlement date). We intend to knock down the existing house and build a duplex and split the title. My brother will live in one duplex and will retain 100% ownership …

CGT Obligation

Question Hi JuliaFurther to my email 23/9/2014. Subject: MakoShark CGT obligationI have sold a property and triggered a CGT obligation. I am having trouble understanding how the numerous "rules and exemptions" (i.e. 6 Year Rule, 4 Year Rule, 6 Month Exemption, etc.) apply in my situation.Please refer to my email for a .pdf explaining the …

CGT for new units

Question Hi again Julia,Thank you very much for your reply. As you have indicated it would bedifficult to argue that we are not building with the intention of selling.What we have decided to do is to move into the unit we intended to live immediately after the completion of the construction (which will become our …

setting up a company, family trust and subsidiary company for investment properties and assets

Question I’m looking at the possibility of setting up a company name ‘WM Mayer Pty Ltd’ which would become the trustee company for a family trust – ‘WM Mayer Family Trust’ – primarily for the purposes of investing (properties, shares, ETFs etc).I bought my current two properties in Mackay:Monash Way, Ooralea in August 2012 (initially …

JV between us and our company for property development

Question We (me & Spouse as joint tenants) recently purchased IP with intention to rent. Land is zoned for apartments so we have decided to build units and rent our share of units. To reduce the risk (financial and liabilities during construction phase), we plan to form a JV with our company (me and my …

Supplementary Question to #586

Question Hello again JuliaYou gave me a very comprehensive answer to my question #586 (27 July 14). I hope this supplementary question does not require as much of your time.I have now moved to my former holiday home and notified change of address. The planning application for subdivision of my pre-1985 city home block is …