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Tax Questions Answered
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 …
Question Hi JuliaI hope you are able to help. I have a number of inter-related questions about the potential sale of a UK property.I purchased a property in London in 2000, owned ¾ by me and ¼ by my sister although she is not on the title.I renovated the property and then moved straight into …
Question I talked to ATO but still not clear on the cost base.We bought PPOR in 2004 and moved in asap. Plan to build a 1 bed unit on land but not subdividing. We will rent to a third party so under TD1999/69 it is a separate household. Income will be declarable.ATO says we apportion …
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