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Tax Questions Answered
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 …
Question Am I deemed to be "An investor who is simply realising an asset in the most marketable way". And not a person/business who "acquired a property with the intention of improving it in some way to resell at profit?"Can I deregister from GST and sell my property and be classed as the above investor …
Question HiStructuring of our loan and title in which nameWe have recently bought a home which we plan to live in 6 months and then rent for 5 years and then knock down and build and live in next 20 years and treat as our main residence (using the 6 year exemption rule).My husband is …
Question Our strata unit (and PPOR) is one of a block of four in one building. We have owned it since new in 1988, and it comprises 25% of the total complex property value, including all land, car parks, gardens, pool area etc. The other 3 units are divided into 1x 33%, and 2x 21% …
Question I am purchasing a property on one title and contract has exchanged. I’m about to set up my loan, and have been thinking about how to account for the rental part of the property.I will live in a 2 bedroom house with an attached 2 bedroom granny flat which I will be renting out. …
Question We bought an old property to live in which we rented out for around 1.5 years while we went through the DA Process to build. We found out that we could build a duplex, so we decided on that, with the intention of renting out the upper duplex and living in the other.The property …
Question Hi I have an investment property that I purchased under six years ago. I moved into the property immediately for a six month period and then commenced renting it. It is still rented today. Since then I have not owned another property that was my PPOR. I would like to sell it before the …
Question Am currently refinancing loan currently in name ofcompany atf Trust. debt 157K.Propose to set up 2 loans:1- L.O.C under own name : secured IP 300K2- Trust(current one) : secured IP 165KThe 157K debt will be allocated aprox as follows:In trust loan- 130K : In L.O.C loan- 27KQ: Can the trust claim tax deductability for …
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