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Tax Questions Answered
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 …
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% …
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