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Tax Questions Answered
Question Hi,I am a Non-resident for tax purposes (Australian) having lived in Tokyo for over ten years. I inherited the family home after my mother passed earlier this year.I have been renting it to a family friend and have made significant improvements to it – (around $36,000 Australian). The Family friend would like to purchase …
Question I wonder whether you would be able to help me with the following scenario?A property was purchased in May 2010 for $755,577. The property has a 3 bedroom house on it, which has been rented out since purchase. The size of the land is 735 square metres.The proposal is to subdivide the property, so …
Question Hi, my question is regarding marginal Scheme. I have bought a block of land in 2009 with no GST payable on the land, from a private indiviual. Following that I have subdivided the block into 2 seperate Green Titles (both blocks identical in size)the subdivsion took 8months, after that I build 2 separate homes …
Question Dear Julia,My husband and I are moving back to Australia in February 2012, when my current 3 year overseas work posting concludes. We have both remained Australian residents for tax purposes. My work involves an expectation of ‘regular’ postings throughout my career (for approximately 3 years out of every 6). My husband expects to …
Question Hi Julia,Our situation is such, we purchased an old weatherboard home in April 2009 planed to build a stock home on it to move in and then sell our PPR to pay down the loan. After engaged the builder, knocked down the weatherboard house in May 2009, we changed our mind in July 2009 …
Question We have sold what was our PPOR and moved into one of our investment properties that we have owned for 8 years, during which time it was continuously tenanted. We intend to live it the house for 1-2 years but will probably move out and re-let it for several years, then sell it. While …
Question We bought a block of land and built a house on it with the intention of selling it on completion.The house did not sell so we rented it for 3 years.We have re-paid some of the gst that we claimed during construction,by adjustment each June BAS over the last 3 years, in accordance with …
Question Hi JuliaEarlier this year you replied to a question in relation to scrapping where a property investor renovates a newly acquired property and whether the investor is entitled to write-off the value of the original div 43 capital works.In that case you referred to ATO ID 2010/35 with a final comment "note to qualify …
Question The SMSF is good as -the taxpaying vehicle – but very restricted/ cumbersome to administer/operate eg use of asset;borrow;audit.A trust containing a duplex where theres still a discretion as to which of its 2 beneficiaries income or capital upon sale goes to- would not be bound by SMSF rules even though the SMSF is …
Question Dear Julia,My principal place of residence was used as a rental before I lived in it for the 1st year of ownership and I understand it will carry a pro rata CGT liability.I believe I can claim for any improvements to the property irrespective of when they were carried out and deduct this from …
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