Latest Questions – Page 22

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 …

Rental property becoming residence

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 …

CGT on Subdivision of Pre 1985 Home

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 …

Converting from joint tenancy to tenants in common to facilitate bequests

Question Is it correct that a property held as Joint Tenants "Passes over"the will and therefore any bequests made in it would therefore be rejected by the ATO?On the death of the first owner the survivor would automatically get the whole property. They would then have to write a new will with the bequests in …