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Tax Questions Answered
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 …
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 …
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 …
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 …
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? …
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 …
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 …
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