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Tax Questions Answered
Question We purchased our family home in 1996. The house is on a large block, which we would like to subdivide. My understanding is that if we subdivide the block and sell the land with planning approval, we are not liable for GST and CGT. If, however, after subdividing we build a house on the …
Question JuliaI am an Australian citizen. I have been resident in London, UK for 5 1/2 years and will obtain dual-citizenship early next year (British/ Australian). I want to buy an investment property (two bed flat) in Queensland to rent out. It is $435k (desposite of $100k – $120k) and I am hoping to rent …
Question Hi Bantacs,We have recently purchased our new home that we (me,my wife & 2 daughters)live in on the Gold Coast, in a Discretionary trust with a corporate trustee.I have been told I can get a long dated lease to offset Capital Gains tax on the sale of the home.It works something along the lines …
Question I bought a shop on 25 June 1992 and it cost $188,448. I ran an antique business from the shop until 26 June 2003, when I retired. The shop was then rented to a jeweller. Commencing on 1 November 2007, I transferred one third of the property to my Self-managed Super Fund and the …
Question We live in Melbourne. Last August, my husband got a contract job in Canberra for six months, but his employer didn’t provide accommodation to him. He lived in a studio and paid rent $470/week. Is that work related expense? He came back home every week. Is the traveling expense between Canberra and Melbourne work …
Question Hi JuliaI purchased a house on a 1100m2 block of land for 820000 in 5/09, the house is my PPOR, I am planning to subdivide the block which would leave a 400m2 land for development, which I plan to sell, with an approximate value of 600 000, the house valuation stands at 1 300 …
Question We are building a house to sell and will have to pay GST and income tax on it as we don’t intend to move in. We have been claiming Gst along the way and have set up an ABN. We have two lines of credit – one for $150000 which covers both our own …
Question We have a basicaly dormant Pty Ltd company which purchased a unit about 15 years ago for $54000. The company has just accepted a offer of $226500. The company only receives the rent of 2 properties as income , about $26000pa (basicaly dormant).After the sale of the mentioned property only one property will remain …
Question In 2001 we purchased a house on a block of land (730m2) which was our PPOR. 4 months ago we demolished the house and are now renting, as we intend to build on one side of the land (taking 12-15 months), live in the new house for 3-6 months and then sell it. At …
Question Several years ago I started a business in Dubai in my own name. I visited Dubai each alternate month.Last year my local partner stole so much money from the business we had to close and I crystallised a loss of about $AUD 400,000In setting up the business I purchased a house to live in …
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