Terry's Tax Tips

Discussion in 'Accounting & Tax' started by chylld, 19th Aug, 2015.

Join Australia's most dynamic and respected property investment community
  1. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

    Joined:
    18th Jun, 2015
    Posts:
    41,675
    Location:
    Australia wide
    Yes there are. I wrote a tip on this but included it in the legal section:

    Legal Tip 15: An issue with mixed purpose loans where both portions are investment. https://propertychat.com.au/community/threads/legal-tip-15-an-issue-with-mixed-purpose-loans-where-both-portions-are-investment.902/
     
    Cinch likes this.
  2. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

    Joined:
    18th Jun, 2015
    Posts:
    41,675
    Location:
    Australia wide
  3. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

    Joined:
    18th Jun, 2015
    Posts:
    41,675
    Location:
    Australia wide
  4. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

    Joined:
    18th Jun, 2015
    Posts:
    41,675
    Location:
    Australia wide
    Any requests?

    I have not run out of topics yet, but if there are any special requests and its a topic I am interested in I may write a tip on it
     
    ellejay likes this.
  5. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

    Joined:
    18th Jun, 2015
    Posts:
    41,675
    Location:
    Australia wide
  6. C-mac

    C-mac Well-Known Member

    Joined:
    26th Jun, 2015
    Posts:
    1,348
    Location:
    Sydney
    Thanks Terry for the gift and borrow back strategy - very helpful!
     
  7. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

    Joined:
    18th Jun, 2015
    Posts:
    41,675
    Location:
    Australia wide
    Its my gift to you - can I just borrow it back sometimes!
     
  8. PhoenixRise

    PhoenixRise Member

    Joined:
    18th Jun, 2015
    Posts:
    14
    Location:
    Perth
     
    Last edited: 11th Jun, 2016
  9. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

    Joined:
    18th Jun, 2015
    Posts:
    41,675
    Location:
    Australia wide
    1. Yes could be
    2. Yes
    3. Not really, but different consequences

    but there are some commercial loss rules to consider
     
  10. MDD

    MDD Member

    Joined:
    8th May, 2016
    Posts:
    7
    Location:
    Melbourne
    Awesome info...
     
    Terry_w likes this.
  11. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

    Joined:
    18th Jun, 2015
    Posts:
    41,675
    Location:
    Australia wide
    Perthguy likes this.
  12. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

    Joined:
    18th Jun, 2015
    Posts:
    41,675
    Location:
    Australia wide
    Tax Tip 136: Claiming Stamp Duty on Properties located in the ACT (Part 1) Tax Tip 136: Claiming Stamp Duty on Properties located in the ACT (Part 1)

    Tax Tip 137: Claiming Stamp Duty on Properties located in the ACT (Part 2) Tax Tip 137: Claiming Stamp Duty on Properties located in the ACT (Part 2)

    Tax Tip 138: GST and Death Tax Tip 138: GST and Death

    Tax Tip 139: Abolition of Duty on transfers of Units and Shares in NSW Tax Tip 139: Abolition of Duty on transfers of Units and Shares in NSW

    Tax Tip 140: Strata Titling a property and CGT Tax Tip 140: Strata Titling a property and CGT

    Tax Tip 141: Strata Titling a property and CGT (Part II) Tax Tip 141: Strata Titling a property and CGT (Part II)
     
    Perthguy likes this.
  13. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

    Joined:
    18th Jun, 2015
    Posts:
    41,675
    Location:
    Australia wide
  14. DaveM

    DaveM Well-Known Member

    Joined:
    14th Jun, 2015
    Posts:
    3,761
    Location:
    Adelaide & Sydney
    Hi Terry

    Can a cgt liability be paid from a loc and interest on payment be tax deductible
     
  15. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

    Joined:
    18th Jun, 2015
    Posts:
    41,675
    Location:
    Australia wide
    Nope Dave, no possible.

    But you may be able to borrow to pay tax debts if you are a sole trader - I am not sure if this would include CGT as this would not relate to any business income.

    I have written a tax tip on borrowing to pay tax debts.
     
    DaveM likes this.
  16. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

    Joined:
    18th Jun, 2015
    Posts:
    41,675
    Location:
    Australia wide
  17. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

    Joined:
    18th Jun, 2015
    Posts:
    41,675
    Location:
    Australia wide
  18. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

    Joined:
    18th Jun, 2015
    Posts:
    41,675
    Location:
    Australia wide
  19. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

    Joined:
    18th Jun, 2015
    Posts:
    41,675
    Location:
    Australia wide
    ellejay likes this.
  20. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

    Joined:
    18th Jun, 2015
    Posts:
    41,675
    Location:
    Australia wide