Recent content by sparis

Ok got it thanks guys

Sorry if this is a silly question but can a company claim negative gearing? If so if you have 2 directors - can you distribute the income/loss or does a trust entity have to do this?

We didn't pay GST. I just found the old contract and it states "GST-Free because the sale is the supply of a going concern under section 38-325.

I don't quite understand the "Are you registered or required to be registered for GST? " part? What does this mean?

So I purchased the property after July 2000 and I am building 3 townhouses. There is currently a warehouse on the block that I am renting out to a business. The plan is to now knock down and build the townhouses. Does this mean that GST is payable on the profit of say $300,000?

omg thank you!!!!

yes you are right - I misread it. Then the question is - is the GST payable on the sale price of $1,500,000 or the profit of $300,000.

That's but I think im more confused after reading that. Reading the first section - I was under the impression that GST is payable on the sale price, e.g. if the sale price is $500,000 then I would need to fort out $50,000 in GST for each dwelling which kills basically all/most of the...

Ok so say the land, da and construction costs equate to $1,000,000 and I sell each unit for $500,000. How much will the CGT be? How much will the GST be? As a company - do you pay 30% tax on the CGT (in this case $500,000)? Does the 12 month CGT rule apply to companies?

So we have got DA (yay) to build 3 townhouses on one of our IPs. The property was purchased under our company name. Once we have built the townhouses - what are the relevant taxes that we need to pay? i.e. land tax, CGT, GST? We plan to hold the properties for at least a year before...

They don't have anything on their website (or anything that I could see). Their duty planner also kept referring me to their website. I will try again and speak to another person from the council. Im finding it very hard to get an answer from them which is why I want to pay a little extra...

Has anyone built a granny flat in the ku ring gai council? Any ideas of the contribution fee?

Hi All, We want to build a granny flat on a property in Pymble, Sydney. Does anyone know the contribution fee involved? Also would we need to go via the council or can we go via a private certifier?

Im with skater on this - I treat my properties like a business and would never randomly consider giving tenants free rent.

Anyone know the answer?