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Question I am currently purchasing an ex local council property ( which was formerly a local infant welfare centre)in partnership with another couple. The property was sold with GST written into the sales contract. The settlement is mid April. We are buying in the name of trusts as tenants in common.My question is how to …
Question i am a merchandiser, paid on invoice @ agreed rate. i quote an abn. should the companies i work for pay me super, or can i claim a deduction if i pay into my own super. i am 53thanksjulie Answer Subsection 12(3) of the SGAA provides that if a person works under a contract …
Question What are the tax implications of using redraw monies from a principle place of residence loan to secure an investment property as a contract deposit and then using the proceeds from the investment property loan to reimburse the principle place of residence loan?I remember reading a caution emphasising the need to keep both loans …
Question My wife sold an investment property in 2007-2008 tax year.Incurring a capital loss of $17,000. Can this be claimed against her income tax this tax year ie 2008-2009 Answer The capital loss must be included in her 2008-2009 income as a carried forward loss and continue to be included until it is offset against …
Question My son recently purchased an old house that is on land zoned for units. We plan to form a JV or partnership, demolish the old house and build 6 units. My son is overseas at present and has been for a few years. He is not registered for gst but I am. I will …
Question Is it legal to debt recycle in order to pay off a PPOR? I have several IP’s (+ geared)with small mortgages. Can I direct their rental income into my PPOR mortgage (which is quite large) and at the same time capitalise the interest on the loans of the IP’s? The object of course being …
Question We owned a property in NSW from 1/5/2000 which we lived in for 2 years. We then moved around with work and rented various properties in NSW and QLD. The original property was never rented out and was intended to be our ‘main residence for capital gains tax exemption’.We then bought another property in …
Question 2 years ago I bought a unit in Melbourne CBD off the plan. It cost $202000 but I only had to pay $20200 as a deposit. The development is nearly complete but I am looking to sell beforehand. Real estate tells me I can probably get about $235000 to sell now. My question is …
Question Hi there. We are a couple living in Saudi Arabia. I am an Australian Citizen but a non resident for taxation purposes. My wife is also an Australian citizen but a resident for taxation purposes. We are about to invest in some funds as suggested by Whittaker McNaught. These funds are 50% Australian Equities, …
Question Could you please advise which version of the updates (back-copy) deals with the above topic? Answer Newsflash 187Deductibility of Break Costs To Pay A Loan Out EarlyIf you are breaking the loan to sell the property but it has not been income producing the penalty interest is included in the cost base under the …
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