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Tax Questions Answered
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 …
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 …
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