Ask Ban Tacs
Tax Questions Answered
Question My father is 76 years old and his only asset is his house which is valued at $350,000. If I was to purchase 50% of his house for $175,000 and my father paid me rent of $175 per week would I be able to claim this as an investment property for tax purposes. Answer …
Question I am currently not working and manage a property on behalf of my husband who is fully employed ( and travels a lot). The property and loan are in his name due to him having the income. Can I tranfer any of my costs (travel to see property, finding tenants, etc) to him, as …
Question I have owned a farming property since 2002 in a company.The intention when purchasing was to build a new residence and use it as farming land.During the past 6.5 years the property has been used as farming land (cattle agistment).A decision was also taken after 1.5 years to subdivide and sell the land as …
Question Dear Julia,I bought an investment property in February 2008. The loan for the prperty does not include the stamp duty cost. I did renovation for that property in September 2008. The cost is from my own pocket. Now I want to top up the loan to include the cost of stamp duty and renovation. …
Question I have 3 loans with one bank. Loan 1 = PPOR with balance 1.431 mil. Loan 2 = $408K which is the total of 3 refinanced investment property loans against 3 properties. Loan 3 = Line of Credit with limit of $492K and $370K drawn with a 70% private use component.I have disposed of …
Question My husband and I have lived in our own home for 4 years, taking out the original loan with no thought of renting it out at any time in the future. However, we have now decided to rent our home as we are leaving the area, with the possibility of returning in a few …
Question My wife and I currently own a house which is our principal place of residence. We purchased the property in 2001.We are constructing a new home and are planning to move into the property when it is completed. This property is also in joint names.We are considering keeping the existing house as an investment …
Question I purchased a property with my late wife as tennants in common in 1979 prior to the introduction of capital gains tax.In 1989 my wife passed away. We had lived in the property from it’s purchase.On my wife’s death the title to the property was automatically transferred/transmitted into my name soley. I continued to …
Question I have clients in NSW who recently bought a B&B business and were advised by a previous financial adviser to hold both the freehold property and the business in a DFT with both of the individuals named as trustees and beneficiaries. They are unable to recall the specific reasons they were advised to use …
Question I am 56 and my wife is 53 and jointly own a property which we are in the process of reconfiguring into 2 separate lots and intend to build a duplex in the back yard which will be on a separate title.Can we build the duplex in the name of a SMSF and still …
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