Ask Ban Tacs
Tax Questions Answered
Question I bought an investment property in October 2009 and leased out in Feburary 2010. Because this rental property got a decent size backyard, it’s an ideal site for dual occupancy. Acturally, I’m applying planning permit with council. If the application is successful, I will build the back unit for rent as well to increase …
Question My husband and I own 3 old rental properties in joint names and want to subdivide one (purchased 2001) and build two new houses to rent out long term. To reduce liability issues and land tax we want to have one property in each name. We are told we can remove one name from …
Question My de facto girlfriend and I both own two investment properties together. Both properties are held together as joint tenants and are located in Victoria. It looks like we are going our separate ways, and we are thinking about each person taking a property. Is there any way for us to transfer title to …
Question Hi JuliaI have heard of people establishing a trust to buy a property then renting the property off the trust. I have been offered a job in Port Hedland and the company has offered me a $800 p/w tax free allowance to provide my own housing, which would normally be provided by the company. …
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 …
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