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Tax Questions Answered
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 …
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 …
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