Ask Ban Tacs
Tax Questions Answered
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 …
Question his is a capital gains question specific to my circumstances – will give you the details and if you can confirm whether it will be a $39.95 special or otherwise the cost involved and how I go about paying.Bought a property jointly about 10 years ago and we are now divorcing so we have …
Question Hi,I am looking at purchasing an investment property and my mother who currently lives with my sister has shown an interest in moving into it and paying a reduced rent. She doesn’t have much money overall, but is suggesting she put forward $80,000.00 towards the property.My wife and I would take out a loan …
Question Hi Julia,This question is a follow on from question #94 which you replied to on 22/1/09. The background to my question is the same, ie. –"My partner and I are currently living in our own home (with a mortgage). We bought the land on 23/8/2003 and moved into our newly constructed home in February …
Question Our deceased son left us his 10 acre Gold Coast rental property, which we have retained. Under council laws we are unable to divide the property until around 2020, but we can build a second house on it.Q. If we lived in the second house as our principal place of residence and continued to …
Question Hi there,My friend purchased a block in March 2008 with the intention of owner-building his principal place of residence on it.He has lived in a caravan on the land since he started building 1 June 2008 and is due to complete the house by the end of this month. He is now going to …
Question In May 2007, we bought 2 houses side by side in a Sydney suburb as 2 separate lots. One house was purchased by myself together with my friend for $550,000.00; the other house was purchased by my brother for $550,000.00. We bought them as our first homes and we received the first home owners …
Question Hi,I purchased a property in May 2005. I moved in straight away and lived in it for 9 months (until Feb 2006).I rented out the property out for 3 years (Feb 2006 to Feb 2009) while renting a different place for myself, so I figure the property I owned could still be classed as …
Question Hello,I sold an investment property in Nov 2007 that was acquired in 2000The unit was built in the 50’s but was modified in 2000 prior to being purchasedI arranged for a depreciation schedule to be undertaken at the time of purchase and have applied the Diminishing Value Method for Plant & Equipment and Building …
In addition to the Ask Ban Tacs service, the BAN TACS Accountants group offer a selection of digital products to help you including Getting Your Affairs in Order, The Property Cashflow Calculator and The Capital Gains Tax Calculator.
Visit the BAN TACs Shop