Ask Ban Tacs GST for overseas clients
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
PPR and Rental Property
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 …
GST and duties
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 …
business – developer – reducing non deductible debt
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 …
Taxation, particularly Capital Gains Tax, on a rental property in the USA
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 …
GST and CGT
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 …
Objecting to the ATO’s Arbitary assessment
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 …
Buying commercial property through SMSF
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 …
Sale of a property – money to go into my SMSF
Question I purchased a property nearly 14 years ago in the name of my Trust and company name, to live in initially and with the potential to knock it down and construct units on it.(its actually two blocks total area of 2739 square meters.After living in it for 12 years, I now rent it out …
CGT & Subdivision
Question I purchased a 1.5 ha block of land with a shed on it in July 2011, I moved into the shed on the day of settlement (due to not being able to afford to rent elsewhere) and got building approval (owner builder) for a small house in September 2012. I had hoped to take …
