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Tax Questions Answered
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 …
Question I am purcahsing investment property in Vic with view to build 2 units on site , retain original house.220,000I already own one investment property in Vic with no debt but loan offset account also have 60,000 cash. Am holding this as principal place of residence though I currently work and live in QLD and …
Question Dear Julia,A bit of background information to start off with:· A friend and I bought a single-story shop over a year ago fifty-fifty with the intention of building two residential apartments above it, one each. On completion of the build we aim to sell off the shop, or if that isn’t possible, rent it …
Question BackgroundWe downsized 2 years ago and purchased a small, older cottage as our PPR on a large block of land with the intention of doing a renovation/extension. We spent lots of money on initial plans and a bushfire report as we adjoin a small area of bushland. With new building restrictions in force regarding …
Question My wife works for Feros Care Ltd (ABN: 50 104 452 271) as a COmmunity Services Worker providing transport to aged clients and also travelling to their premises for in-home care.We are copnsidering purchasing a second vehicle to be used 100% for my wife’s work purposes.As she will be using the vehicle effectively 100% …
Question I am an Australian working in Hong Kong on a two year contract – non resident of Aus. We have rented out our family home since moving here in Feb however have decided to look at selling the property. Are there any CGT implications if we do this whilst a non resident? Answer Providing …
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