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Tax Questions Answered
Question Hi Julia,I have a query around ensuring the future deductibility of interest on my mortgage.I purchased a property for myself and my wife to live in around 18 months ago at a 90% LVR. The loan for this was established as interest only with an offset account, given the expectation that at some point …
Question Hi JuliaBackground:I have a property that was purchased originally as my place of residence- and I lived in it for about 2 years, before moving and then renting it out. The loan secured over this property is for a total of $297000. The loan was originally a line of credit loan. After paying a …
Question When invoicing overseas clients for my work as consultant, will I need to charge GST? (I work through a company that is registered for GST) Answer Yes if the work is performed in Australia
Question I signed a contract on 15 Dec 1987 to purchase a property.Settlement was on 15 Feb 1988The purchase price was $80,000.The property was immediately tenanted.I have never owned any other premises.I moved into the property in 1991 and resided there for approx. 10 months.When I moved out the property was again tenanted.In May 2003 …
Question Dear JuliaFurther question re Ask Bantacs #459 22 May 2013.The facts remain the same as our earlier question.We have 2 scenariosOne scenario is to liquidate the company as a whole (ie sell/transfer both blocks) with a return of capital to the shareholders as you suggested in your answer to question #459.Some of the funds …
Question Next year the profit our business (pty Ltd) will make will probably be $1000000 before tax (30%). All business loan balances will be Nil. Is there anyway using PBR79002 (or other) to transfer this money (**before tax**) to my personal home loan of $300000 (LOC) without having to declare the income on my private …
Question I have a number of questions regarding the possible purchase of a rental property in Hawai’i. We are citizens and residents of Australia for taxation purposes. If it matters, we are also dual citizens of Canada. I am not sure how many related questions I am entitled to ask here, so I will firstly …
Question Jan 2010 purchased vacant land with my friend as tenant in common with 50% owned by each.2 homes were constructed on it. construction finished in july 2011 and they are rented since then. subdivision i.e. 2 separate titles completed in March 2013. We both have 50% ownership in each new built strata titles.I am …
Question Facts.I acquired an investment property in 1987 for $82,700.The purchase was financed virtually 100% from various loans.The property was a rundown dwelling house in poor condition and as a result had a poor rental return, which did not cover the cost of the finance.I obtained some negative gearing benefits during the course of ownership …
Question Hi Julia,I am in the process of making an offer on a commercial property through a Self Managed Superannuation Fund, and the agent has advised me that I need to have the fund setup prior to making the offer. Can you please answer the following questions for me.1. Should the fund be “Individual” or …
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