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Tax Questions Answered
Question I purchased my home (main residence) in 1994 at a cost of $207,000. Initially, this home was mortgaged to the Commonwealth Bank for $150,000. In 2000, I converted the mortgage to a Line of Credit (secured by my home) with an initial limit of $250,000. In subsequent years this LoC has been increased to …
Question I have two investment properties. Because I am in the highest tax bracket this year but in the lowest next year I want to pre-pay as much expenses as possible. I know it’s possible with the interest for the loans.What about estimating strata, council rates and electricity for the next year based on the …
Question Hi Julia,I am currently living in my owner occupied home and I have several split loans against it which were used as a 20% deposit to purchase an investmentproperty and 2 more splits to fund the construction of an investment property. I claim tax deductions on these splits as the purpose of these loans …
Question HiMy wife and I signed up to build a rental property. We signed up to buy land and subsequent house on 28/8/10. At this time I was earning reasonable money.We took possession of house at end July 2011 .To save costs we were doing , or organised tradespeople, ourself to finish house. My work …
Question My wife and I bought a house in Sydney s joint tenants in September 2005, moved into it right away and lived there until August 2006, when moved to the USA. We have rented the house continuously since we moved, and expect to utilise the Absences rule in section 118-145. However we are approaching …
Question Can I claim costs associated with a property I am living in (such as capital improvements) if the property has previously been rented out? If so, what types and in what way are these expenses claimable (eg. added to the cost base for CGT purposes). If not, would it make a difference if we …
Question After 4 long years my wife and I decided to turn our PPor to an IP. The strategy was to rent cheaper and benefit from the rental income. Purchase Price: $450K, Loan Balance $183K, Rental Income: 32K per annum (excluding all expenses), Current Value:$530KWe recently purchased a 2 bed unit as an IP under …
Question Hi. I purchased a rental property in May 2009. It was 100% rented from that time to when it was demolished (cost to demolish $10,000) in May 2011. I have since built a new home on the land after the rental house was demolished. I then moved into the home in November 2011 as …
Question Hi Julia,I am a Non-resident for tax purposes having lived in Japan for 10 years. I am in the process of being employed full time for a company in Sydney – working from Tokyo.I will of course be taxed for income by the Japanese, my question revolves around potential tax issues on the Australian …
Question We bought a 910m2 subdividable duplex block with an old house on it (Perth suburb), we signed the offer in July 2009 and it settled in October 2009.We planned to demolish and build a new PPORWe did not rent out the property.We demolished the old house in July 2010 and obtained a building licence …
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