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Tax Questions Answered
Question I’ve read Winning Property Tax Strategies (thanks!) and our situation is similar to the example “One property, two friends, two homes” provided on pages 177 to 180. For context… I am a property developer. My brother and I are starting up a residential building business together to build our own development projects. My brother …
Question My husband and I own a PPOR and 2 rental properties. We have various Lines of Credit against all 3 properties which were set up more than 10 years ago. None of the lines of credit are drawn down. The total value of them is $500k. The interest rates on the lines of credit …
Question In 2020 I used an owner occupier loan to buy a residential property which already had a fixed term tenancy agreement in place. I bought the property with the intention to move in and will be doing so when the fixed term lease agreement ends, which will be eight months after I purchased the …
Question I am 31yrs (female) and my brother is 28yrs we went into a joint venture and purchased a house in Melbourne for $780K in a discretionary trust in May 2020 and rented out straight away and the property is now valued at 920K, property is in a affluent area and zoned in one of …
Question Hi, my wife & myself are looking to buy a 60 hectare block of rural land, about 20mins drive from Warwick, Qld. There are no buildings, sheds on the land. The rural land cannot be subdivided. We will be borrowing some money to buy the land and would like to be able to claim …
Question Cashflow Boost- Hi there, A new client of mine has been trading for many years under a company. I noticed that the company did not receive the Cashflow Boost ( they did get Jobkeeper for some periods) The reason for not receiving the cashflow boost seems to be: The quarterly BAS returns for September …
Question I am an Australian citizen living in India Bangalore for the last 5 years for family reasons. I am 64 years old and ceased full time employment in July 2016. I bought a house on 29/4/2004 for $215000 as an investment property and rented it out and it was rented out throughout till I …
Question My questions relate to Super death benefits taxes, transfer costs, and deceased estates. My father has an SMSF, for our purposes he is the only Member. He and I are the Trustees. I will be the executor of his estate. You can assume: The SMSF has large amounts of cash and shares, but the …
Question I need your help to check whether I have included P&E items correctly in my CGT calculation. ATO is talking about balancing act. I want to legally reduce my capital gains. Many thanks Purchase Details: Purchase cost of CGT asset $429,900.00 Add: Incidental costs to acquire the CGT asset $5,973.75 Less: Plant & Equipment …
Question Hi We have recently restructured the business from a sole trader to a company (shareholder of new company is a discretionary trust) I had a question in relation to the motor vehicles currently owned under the sole trader. It appears that the roll over relief will not be available as the ultimate economic owner …
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