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Tax Questions Answered
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 …
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 …
Question Dear JuliaIn 2008, my husband and I bought shares in a publicly listed company. The shares remained in my name even though they were a joint asset.After my marriage ended in 2013, I sold the shares and deposited all of the proceeds into an online savings account in my name that contained our joint …
Question HiI am looking at purchasing a commercial shop, which is currently empty, and residential premises (2 units), which are upstairs, for approximately $1.3m, in a trust structure. They are on the same title.Is GST payable on purchase? That is, is it already included in the $1.3m? Is GST payable on the commercial premises only?The …
Question I would like to know whether I can retain the principal place of residency exemption on the followingI brought a house which we live in in 2007. I want to now want to demolish the house And build 2 townhouses. We will need to rent while the houses are being built. On completion the …
Question Following the death of her father on 25 April 1999, my wife inherited a 1/3 share of a block of farm land. This land was transferred to her and two sisters under a tenancy in common in 2004.Under a determination by the executor the occupation and use of the land rent free by the …
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