Tax/GST/LTC Expert

Tax/GST/LTC
Ask Mark Withers, director of Withers Tsang & Co questions relating to Tax and Asset Structures

Mark Withers and his team at Withers Tsang & Co specialise in advising on property related transactions, valuation and restructure services and tax planning.

Subdivision taxes

Danny asks:

We have a family home that we have owned for seven years. We are looking into subdividing into five lots to keep as rentals. But with budget constraints we may need to either sell some houses or even empty lots depending on how we ultimately finance the subdivision/construction.

What are the income tax and GST implications if we need to sell one or more houses/lots to cover our debt? Also, under income tax section CB12, would we be better off holding off the work until we've owned the property for 10 years, as I'm guessing work of this scale is more than minor?

 

 

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Cross border structuring

James asks:

I want to build a property portfolio with family and I am wondering what the best structure is to setup for that purpose? There will be four couples going in together, two of whom currently live in Australia. One couple in New Zealand and one couple in Australia have higher incomes (over $140,000), while the other two couples have lower incomes (around $100,000). We each have our own homes which we will release equity from to combine forces. Any guidance is much appreciated

 

 

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Restructuring for taxes

Katie asks:

We have just bought another house which we plan to live in. We are looking at whether to sell our current home or rent it out. But we are not sure of the tax requirements if we rent it out.

Our current house is in my name only as I bought it before I met my husband. Our new home will be in both our names. I am a stay at home mum, so my income is 0 and my husband earns around $120,000 gross per year.

Are we able to offset any rental income off his tax or can it only be on my income? Would we need to put the house in both our names? What's the best way to structure this for tax?

 

 

 

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