Ask Ban Tacs
Tax Questions Answered
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. …
Question HiIn January this year (2012), we relocated from Melbourne to Brisbane to be nearer my parents due to their deteriorating health. Previously I have flown up from Melbourne for all my parents major medical appointments as I have a strong connection with my family.On a visit at Easter 2011 after toying with the idea …
Question As part of my job I am required to be away from home. I am away in various places within the country and for various lengths of time. My employer pays for my accomodation and pays a meal allowance of $30 dollars a day to cover the cost of all meals (which is shown …
In addition to the Ask Ban Tacs service, the BAN TACS Accountants group offer a selection of digital products to help you including Getting Your Affairs in Order, The Property Cashflow Calculator and The Capital Gains Tax Calculator.
Visit the BAN TACs Shop