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Tax Questions Answered
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 …
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 …
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 …
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 …
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 …
Question I can find a lot of articles on the situation where a person turns their current home into a rental after purchasing a new property resulting in the loan being non tax deductable.Our situation is the opposite. We want to move into our rental and make our current home the new rental – so …
Question I Live in Mitchell QLD, I’m working for a road construction company and are working mostly around the NT as the company doesn’t provide female accommodation and shower and toilets I purchased a caravan .What can I claim on Van and tools depreciation? Some tomes I’m roadside sometimes we are in park Answer Here …
Question Hello JuliaI do enjoy reading your newsletters and tips.I am 69, and ceased full-time teaching in May 2014. I have a SMSF into which I rolled my teaching super plus shares formerly in my name.My former husband and I jointly purchased our family home in 1974. After separation and prior to our divorce in …
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