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Renovating structure

Dec 16, 2012

Reader question: I’m planning to move into the renovate to sell strategy, and was wondering what structure I should use to make the purchases (company, family, individual, etc.). Are there CGT savings that I can make by using a company structure, for example, as opposed to doing the reno and sell as an individual? I’m also aware that reno to sell is higher risk than buy and hold, so is there a structure I can use that provides me with more protection than buying as an individual?
Reader question: We purchased a house with our son 8 years ago. We rented it out for 4 years and then my son moved in but we (my husband and I) continued to receive rent from some of the bedrooms my son rented out to cover our mortgage. We have now sold our 50% share to our daughter-in-law so now my son and his wife own the house and are living in it. They plan to live there for quite a few years and renovate it. How does Capital Gains affect him once he sells it (maybe in 10 years)?
On 22 November 2012, Superannuation Legislation Amendment (MySuper Core Provisions) Bill 2012 was passed by the Senate with two Government amendments relating to the commencement of the Act.
Where an employee's duties of employment are inherently itinerant in nature, is their journey between home and a work location in their employer's car a 'business journey' as defined in subsection 136(1) of the Fringe Benefits Tax Assessment Act 1986 (FBTAA) if they transport a family member during part of the journey? We have a look at a recent ATO Interpretative Decision
The 2012-13 Mid-Year Economic and Fiscal Outlook (MYEFO) proposes that the government's rebate applied to private health insurance will be calculated using commercial premiums as at 1 April 2013 and then indexed annually by the lesser of CPI or the actual increase in commercial premiums. This will be used to determine an individual's private health insurance rebate.
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