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Question We’ve just sold an investment property for $345k in March 2010 (purchased Dec 07 for $350k/borrowed $370k). After fees & charges we have a capital loss of $31k. We have another investment property which we are considering selling & want to know is there any advantage in selling that in either this financial year …
Question I bought an old house with my cousin as tenants in common (50% each) and built a new house after demolishing the old one.We shared all the expenses in half. After the completion, he use the new house as his main principle of residence and I do not charge he any rent during the …
Question My wife and I bought property 1 as a family residence in joint names in 1988 price $105000.The property was transferred into her name for rental/ negative gearing purposes in 1992 and we then bought property 2 as a family residence in her name.We separated 8/07 and divorced 3/09.I have lived in property 1 …
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 …
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