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Tax Questions Answered
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 …
Question Hi Julia,I emailed Noel Whittaker from a link in the online Courir Mail – the response from Noel was to contact you. I have cut and paste the question from previous email to Noel.Regards,MickThank you for writing to me – unfortunately I cannot answer your question in the newspaper but I realise the importance …
Question Hi JuliaNoel Whittaker suggested I contact you.My husband and I bought an investment property in Toowoomba, Feb 2008. Interest rates on way up, so took out fixed P&I loan at 8.29% over 4 years. F/nightly repayments of $725. Loan balance now $183K. Tenanted at $220 per week till July 2009 (tenant often in arrears). …
Question Hi my business partners and I have a self managed super fund started in 1999. In 2003 we both applied for life insurance with no annuity and payable on death. The policy was set up for me but the insurer has registered me as the owner and the superfund as the payer. For the …
Question Hi,My employer is moving me interstate (Sydney metro area from Brisbane) to build the business.Is it possible for the company to legally pay my rent for the 12-24 month period I’m there & not incur FBT, and claim my rent as a deductible expense to the business?If so I’m thinking about asking them to …
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