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Tax Questions Answered
Question Approx 2.5 years ago we purchased a vacant block of land on the north coast of NSW. We received a stamp duty concession of approx. 1100.00 as a first time buyer. We had a home designed with council approvals but our circumstances have now changed.We now reside in central Qld and are in the …
Question We own a 280sqm block with an existing house. We bought this property in January 2011 for $1M.We rented out the property for the first 18 weeks of ownership.The property is now valued at $1.1MWe plan to build a garage with a self-contained apartment above (the studio will have 35sqm living area of a …
Question Our land in NSW was bought by a holding company registered in the A.C.T. for a syndicate of 3 shareholders -two shares each) prior to Sept 1985.The land was in two titles (one 10 acres and the other 60 acres) and a house was built by an individual shareholder on each title (also prior …
Question Land introduced into a partnership business, and therefore becoming trading stock at a price, rises in value during construction period because of market conditions. If this land had remained a capital asset, the tax would be determined by CGT provisions. Instead, the increase becomes revenue. Yet, the increase is a capital increase, not one …
Question My wife and I contribute about equally to each other’s income earning potential and what we would like is to have that reflected in our tax returns. Is a spouse allowed to pay the other for their contributions, and would this type of payment be tax deductible?By the way thank you for your two …
Question What does it mean in tax terms to "introduce" vacant land held for a long time )but not pre-CGT) jointly by husband and wife to a business entity in a serious unit development when the business entity is a 50-50 family partnership comprising only husband and wife that has come into existence when it …
Question I am an owner of a business,we have excess money in the bank which is available to take as a dividend,It has already been subject to company tax.If we take it we have been told we have to pay the tax difference between company and personal tax(13%).My question is if we leave the money …
Question I am a retired Accountant/Tax agent and assist my Brother-in-law and his Wife to prepare their tax returns utilising Etax.This years tax (2012/2013 will be more complicated in that they have sold their Sydney investment property (Quakers Hill).Period of their occupancy and other data is as follows:29/03/1996 – Purchased vacant land at Quakers Hill …
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 …
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