Total Members: 158,560

Rob G.

  • Rob G. replied to the topic Trust with a minor as the beneficiary in the forum Legal & Accounting 9 years, 10 months ago

    Minor beneficiary must submit a tax return if they are presently entitled to income of more than one trust, or if they have other income etc.

  • Rob G. replied to the topic Land Tax and CGTC in the forum Legal & Accounting 9 years, 10 months ago

    It appears that you are purchasing an IP (dwelling C) and are hoping to use it as an IP for a time and then demolish and rebuild within 4 years.

    Since property C is initially an IP, you will not be able to nominate this as a PPOR until you do in fact occupy it as your main residence.

    The 4 year build concession deems vacant land or an…[Read more]

  • Rob G. replied to the topic Deductions in the forum Legal & Accounting 9 years, 10 months ago

    Here is a hypothetical response.

    Clarifications needed.

    1) What is the trading entity (sole trader, company ?).

    2) Is just the business being sold, as opposed to a company that conducts the business ?

    3) If the business is being purchased (rather than a company conducting the business), has the purchaser also purchased the book debts ?…[Read more]

  • Rob G. replied to the topic tax question in the forum Legal & Accounting 10 years ago

    Inappropriate quote

    s.118-192 market value cost base deeming only applies for a dwelling that would have been a 100% exempt main residence prior to first using it to earn assessable income.

    The original post indicated that this dwelling was initially an IP

  • Rob G. replied to the topic Investment Loans and Tax deductability issues in the forum Legal & Accounting 10 years, 6 months ago

    darkness72 wrote:

    Purchase an investment property at Auction, – lets say 600k
    I pay with my own funds (redrawing funds from my PPOR home loan) the Deposit – 10% 60k

    At settlement the bank investment loan commences for 600k – remaining 540k to the vendor.

    The other 60k the bank places back into my PPOR.

       If you redraw $60k from PPOR loan…[Read more]

  • Rob G. replied to the topic Adverse possession claim of land recently acquired by council. in the forum Legal & Accounting 10 years, 6 months ago

    Which state ?

  • Rob G. replied to the topic Interest on construction loan – is it deductible? in the forum Legal & Accounting 10 years, 7 months ago

    Ynchai wrote:
    Thank you so much for your replies. Really helpful.

    @TerryW, i just read the tax case you referred to, it sounds like the interest on creating capital is not tax deductible, and construction could ve argue as capital creation even with intention to rent out the property so based on this case, it wont be tax deductible during…[Read more]

  • Rob G. replied to the topic Purchasing property – put in Trust or Personal? in the forum Legal & Accounting 10 years, 8 months ago

    CGT still matters because it is a tax on inflation.

    Even your dependents may inherit the property with your historical cost base and substantial underlying tax liability – AKA 'death taxes'. I seem to remember Terry trying to raise estate planning issues with you.

    Present value does matter with capital appreciating assets.

    What makes you think…[Read more]

  • Rob G. replied to the topic Complicated CGT in the forum Legal & Accounting 10 years, 8 months ago

    From your stated facts:

    Valuation is at the first day it was rented for cost base

    This is the day it is deemed acquired by you for the purpose of tracing ownership and apportioning

  • Rob G. replied to the topic Can you have a commercial lease for a residential property? in the forum Commercial Property 10 years, 8 months ago

    GST ?

    Loss of six year absence main residence CGT exemption.

    Sigh …

  • Rob G. replied to the topic Main Residence Exemption in the forum Legal & Accounting 10 years, 8 months ago

    Doesn’t matter if you move into another dwelling you own.

    The s.118-145 election deems your vacated dwelling (and no other) to remain your exempt main residence for a certain time.

  • Rob G. replied to the topic Centrelink – Principal home holiday rented for part of year in the forum Legal & Accounting 10 years, 8 months ago

    Instalments of capital from a deferred PPOR disposal would not be considered ordinary income for tax law, so maybe that swayed Centrelink.

    Renting is different.

    Not sure how Centrelink would treat this for assets test.

  • Rob G. replied to the topic Immediate deduction vs. capital work in the forum Legal & Accounting 10 years, 8 months ago

    Sounds like capital based on the disclosed facts. 1) extent of replacement = entire external, 2) use of more durable non-rust copper to replace cast iron, 3) Possibly initial repair where the pipes were rusty or defective from the time purchased.

  • Rob G. replied to the topic Non-Economic Rental Property – What to do? in the forum Legal & Accounting 11 years ago

    Possibly zero deductions and zero income if it looks entirely motivated my domestic reasons.

  • Rob G. replied to the topic CGT on ex-PPOR – date of base valuation in the forum Legal & Accounting 11 years ago

    The valuation date is the day it was first used to produce income – this is the first element of cost. This is probably what your accountant was telling you.

    If you elect to disregard any capital gain by treating it as your main residence during your latest absence due to living in the new PPOR then you lose the exemption for this new residence…[Read more]

  • Rob G. replied to the topic CGT on ex-PPOR – date of base valuation in the forum Legal & Accounting 11 years ago

    lizu wrote:
    Thanks for your comment, Terry. Up until the point I purchased the second residence, the old house was my home and only property … so I can't understand why the accountant is saying I need to treat it as an investment property from the time I first had a tenant in it.

    What can I do if my accountant still insists that he is right?…[Read more]

  • Rob G. replied to the topic Selling two properties without CGT event in the forum Legal & Accounting 11 years, 2 months ago

    Generally, you get one main residence exemption, except perhaps for a 6 month overlap as Terry said.

    Take your details to another accountant to get an informed opinion.

    Cheers,

    Rob

  • Rob G. replied to the topic CGT issues regarding brand new PPOR in the forum Legal & Accounting 11 years, 3 months ago

    The main residence exemption would normally require occupying as your main residence as soon as practicable.

    Cheers,

    Rob

  • Rob G. replied to the topic A word of warning on property in your SMSF in the forum Legal & Accounting 11 years, 5 months ago

    theycallmeBruce wrote:

    But the only thing you can purchase in your SMSF that you can benefit from is artwork, you can purchase this and hang it in your own hallway provided that is the most logical and secure place for it. Anything else like this you can buy and benefit from?

    Another example of bad advice.

    Cheers,

    Rob

  • Rob G. replied to the topic Small business instant asset write-off 12-13 in the forum Legal & Accounting 11 years, 5 months ago

    The key requirement is to be able to access the small business concessions in Division 328 ITAA97.

    The first requirement being that you carry on a business.

    An activity of renting a single holiday property appears to be mere passive investment income based on the facts you have given above.

    This is regardless of whether the asset is held…[Read more]

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Rob G.

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