The PPOR my partner and I live is in my name only. I have two loan accounts: Loan A: 500k with an offset account Loan B: 400k Offset and savings:...
In GSTR 2003/3 90. Subsection 40-75(2) requires that for the period of at least 5 years the premises have been used only for making input taxed...
ok, I might be wrong. for the sale of unit not subject to GST, I thought it has to be 'by way of rent' for 5 years continuously.
A residential premises is no longer new if it has been 5 years since: it first became a residential premises it was last substantially renovated...
Thanks Terry, I don't understand - Renting doesn't effect the GST 5 year rule. Lisa will actually stay there for 6 years continuously.
Alex built 3 brand new units with the intention to rent them out for 6 years (then maybe sell them). He wants his sister Lisa to stay in one of...
Jim paid off his main residence. His investment strategy is buy, develop and hold. He recently finished his first development, developing 3 new...
Hi, if GST on sale/margin scheme = 150,000 GST on building/planning cost = 90,000 the taxable income for a developer (under personal name) =...
Alex purchased an existing residential premises in Dec 2015 for 1m, his original intention was to build 3 units as rental properties. He did not...
Lisa bought a property will her brother Tom in 2017 - tenants in common 50% each. They left the property vacant from purchase until 2018 when the...
A and B purchased 'one property' at tenants in common structure 50% each.Then they knocked down the old house on the land and built 2 town houses,...
are you able to elaborate more? If not, that's ok. Thanks very much.
Thanks Terry, I've updated the original post. My main concern was the additional construction cost occurred before settlement, technically B did...
Thanks Terry, I didn't make it clear in my original post, I've now updated it.
Thanks Terry, when you say partition, you mean Partition Deed? The Partition deed was prepared at settlement. When you say apportioned - do you...
A+B (tenants in comment 50% each) owns land A, and construct two townhouses/subdivide it to Lot 1 and Lot 2. Jan 2017 - Contract of Sale signed,...
she has only built this one under her name and she doesn't have other properties. She has previously consulted with a tax advisor, and was told is...
Yes, you are correct, A made a capital loss (early stage of the construction and the market was not good so low valuation) in the transfer. Given...
Thanks Terry... If A wants to sell the property as soon as possible, I guess it doesn't really matter if she sells it immediately after the...
Jan 2017 bought a very old house - left it vacant - title tenants in common A 50%+B 50% Jan 2018 knocked it down/start building two units Jan 2019...
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