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Tax Questions Answered
Question Sir/Madam,I have had 2 jointly owned investment properties with my wife for over 7 years. We are non residents and have little or no other income in Australia during this period. At the end of 2008-2009 we had net total rental losses of $50,000 and $40,000 respectively. During 2009 – 2010 we had net …
Question Hi,From what I understood you don’t have to pay CGT when selling a property that was your main-residence within the last 6 years then you don’t have to pay CGT on it.On another point in the book you write that one has to move into the property as soon as possible.There are 2 cases …
Question Hi,You write about an offset-Account and its use to make sure the Loan’s interest remains claimable if the money is drawn out of the Offset account rather than the Loan account. This topic became completely clear to me however unfortunately It doesn’t seem that the Banks really can give me a proper answer if …
Question We own a 925sqm block with an existing house. We bought this property in 2001 and have lived here since. I am 56 and my wife is 57. We intend to retire when I am 60 in April 2017. Post retirement we plan to move overseas and live there for five years till I …
Question I am sole owner of a trading Pty Ltd company and the sole trustee of a discretionary trust that owns eight investment properties.I have been a tax resident for 12 years but now wish to return to my home country.My trading company is over-capitalised and I would probably not be able to sell it …
Question Hi Julia,I have recently purchased an investment property. I am having a think about how much money i can spend on the property in terms of repairs and improvements. I need to have a better understanding of what i am entitled to claim on tax in order to budget effectively. I have had a …
Question Purchased house and lived in it 5 July 1991Moved to USA and rented it 5 July 2001Moved back to AUS in 2010but did not move back into PPOR (did not have another PPOR)Sold PPOR 7 Nov 2011Question: Do I use reset cost base as at 5 July 2001 and if so, am I able …
Question I have spoken to a chartered accountant, however, I am not feeling comfortable on her advice as the information I read on the internet contradicts her advice.Essentially, I have Full time job @ $99,000 p.a. My wife has no income beside Bank Interest which is not significant.We are living in our home (PPoR) worth …
Question I am looking to refinance my 2 investment properties.#1 – in both names and current LVR approx 30%#2 – in my name only and current LVR is 100%.Am looking to split the #1 loan or use LOC and use the funds to bring the #2 loan down to below 80% for Mortgage Insurance etc. …
Question I have had a call from Members Alliance saying that there are ATO approved tax entitlements for people who are under 60 years of age, who had bought or built investment properties, whose income is more then $72,000 per year. And who have done this to help them be self funded in their retirement. …
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