Ask Ban Tacs
Tax Questions Answered
Question In 2009, my wife inherited her mother’s property in Williamstown, Victoria and paid out $174,000 in probate and estate costs. From June 2009 until now (March 2015) we have paid out around $16,000 in rates, bills and insurance costs to maintain the property during the long probate period and settlement of an insurance claim …
Question Hi,We are considering knocking down our main residence, subdividing the land and building 2 x new homes on this land.We will live in one of the homes.We are undecided whether we rent or sell the second home.Can you please help us understand any CGT implications of selling versus renting this second house and any …
Question I live in Australia and am a tax resident of Australia (having migrated here from New Zealand in 2012). I own a NZ-incorporated company that invests in rental property in the NZ market only. It currently owns a single rental property that is managed by a NZ-based property manager.Questions:1. Can you confirm that given …
Question – I purchased an investment property in Jan 2012 for $576K with an interest only Loan(A) of approx. 530K with a plan to develop 2 or 3 units and sub divide for investment purposes– It has been rented out 100% of the time up until it was demolished in June 2014– I am currently …
Question Having read your books, need some further clarity on my situation.My PPoR is a pre-CGT asset,(purchased Jan’1984),now mortgage free, we have purchased another property, currently under renovation that we plan to move into as our new PPoR, it will also be mortgage free (in approx 8 months) by the time we move in.We plan …
Question Hi want to help my daughter buy a home . I like simple but I also want to protect the asset as much as possible from her live in boyfriend. I want to avoid capital gains tax where possible . I was especially interested in page 78 of " Winning Property Tax Strategies " …
Question My wife and I own a house in Tasmania. It was purchased for $500,000 7+ years ago. We did not have any mortgage on it. We moved to Victoria 1 year ago for my wife’s work. We rented our Tasmanian house out. It was probably valued at about $480,000 then (1 year ago).We rented …
Question September 2014 my husband and I sold our home and purchased a property on 774sqm with an old house. Our intent was to demolish the house and build a new home for ourselves. We moved into the old house immediately after settlement and intend to live in it until the new house was ready …
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 …
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