Terryw replied to the topic Council rates of vacant land used as are Tax offset against income in the forum Legal & Accounting 3 days, 23 hours ago
In that case none of the expenses would have been deductible. But keep records of them as some of the costs could be used to reduce CGT when you sell – not the travel costs though.
In these sorts of places it will be hard to find a valuer or an agent.
Perhaps try one of the very big firms such as Herron Todd White. They may or may not be able to help, but may point you in the right direction.
Terryw replied to the topic Council rates of vacant land used as are Tax offset against income in the forum Legal & Accounting 4 days, 19 hours ago
Did you plan to build a main residence on it or an investment property? Is there a house on it now?
“3 years ago I used equity in land to buy investment property bonded that land with the investment”
Do you mean you used the land as security for a loan used to buy an investment property?
Terryw replied to the topic Property accounting and tax differences across Australian states in the forum General Property 5 days, 22 hours ago
Income tax is a commonwealth tax so only one tax return for income in Australia.
I am a lawyer that specialises in structuring. If you want one in WA Brett Davies maybe a good one.
accountants, if they are tax agents, can advise on the commonwealth tax aspects – not land tax or stamp duty.
Yes there are various issues with getting a loan ‘in a’ trust. but generally it is not much harder than the individual getting a…[Read more]
Most accountants think they can advise on trusts and asset protection etc.
But when you think about it they don’t have the knowledge or authority. The tax agents act only permits them to give legal advice on commonwealth tax.
Asset protection advice involves knowledge of the bankruptcy act, conveyancing acts, family law act, equity, trusts,…[Read more]
If the purchaser of the land incurs GST on the purchase and they are registered for GST then it may be possible to claim the gst back. But if the intention is to build residential property to rent out long term then you might not. if you claim the GST back and then sell within 5 years then you might have to make a GST adjustment and pay some…[Read more]
Gee, this is probably out of the conveyancers depth. Why didn’t you use a lawyer? Did you discuss the CGT and stamp duty, and GST aspects of transferring title?
If it is a valid partitioning of the land then you will each beneficially own the separate portions of the block and therefore family B should be paying for the fencing on their ‘lot’.
No one is correct because there is no correct answer. It is up to negotiation until subdivision occurs and then it is that owner’s responsibility – with the neighbours as fencing is generally shared.
But if I was family A I wouldn’t want to pay to fix a fence that I won’t get to be owner of.
Hope you got advice about stamp duty too btw.
Terryw replied to the topic purchasing & selling an untitled land in Melbourne in the forum Creative Investing 1 week, 4 days ago
Sorry to have offended you oz guy.
Can I ask why you were wanting someone to ‘pay cash component for the nomination’?
Terryw replied to the topic purchasing & selling an untitled land in Melbourne in the forum Creative Investing 1 week, 5 days ago
You mean you are trying to commit a crime – money laundering and duty evasion and are complaining that strangers won’t help?
You are missing my point it seems. You said you act for the purchaser, so you would have a contract with them. If nothing in writing then it would be an oral contract. This is a potential conflict of interest as you are representing 2 clients on the opposite ends of the same transaction.
What happens for instance if there are negotiations done -…[Read more]
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