All Topics / Help Needed! / info on property investment tax…

Viewing 8 posts - 1 through 8 (of 8 total)
  • Profile photo of powmowpowmow
    Member
    @powmow
    Join Date: 2003
    Post Count: 91
    September 9, 2004 - 8:43 am

    g’day guys,

    i joined this site a while back but haven’t been here for a while.
    when i left i was doing my diploma in Real Estate at TAFE, which i have now completed. i have realised that i do not want to go into real estate.
    i have been working with my brother who is an apprentice builder and i cant get enough of it!

    i have always loved property but i think i just started on the wrong path.

    my plan is to do an apprenticeship and then properties, renovate them and sell them (i know its not very original, but i love the idea!).

    what i was wondering was if i only owned the one property would i have to pay the 2-2.5% (i’m not sure of the rate) property investors tax?

    any replies would be greatly appreciated.[biggrin][biggrin]

    Profile photo of geogeo
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    @geo
    Join Date: 2003
    Post Count: 1,194
    September 9, 2004 - 11:28 pm
    Originally posted by powmow:

    what i was wondering was if i only owned the one property would i have to pay the 2-2.5% (i’m not sure of the rate) property investors tax?

    never heard of it…

    I’ve found a way to help you save and earn whilst not selling or delivering any product. If interested, drop me an email or PM me to find out how

    Profile photo of kay henrykay henry
    Member
    @kay-henry
    Join Date: 2003
    Post Count: 2,737
    September 10, 2004 - 12:20 am

    powmow,

    If you buy an IP in NSW, and you sell it for more than 12% (net) profit, then yes, you have to pay an exit duty.

    kay henry

    Profile photo of powmowpowmow
    Member
    @powmow
    Join Date: 2003
    Post Count: 91
    September 10, 2004 - 2:23 am

    thanks for the reply kay henry,

    does the 12% net profit take into account building materials or anything like that needed for renovation?
    and is the rate around 2%?

    thanks again…

    Profile photo of powmowpowmow
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    @powmow
    Join Date: 2003
    Post Count: 91
    September 11, 2004 - 6:18 am

    does anyone know the answer?

    Profile photo of Mortgage HunterMortgage Hunter
    Participant
    @mortgage-hunter
    Join Date: 2003
    Post Count: 3,781
    September 11, 2004 - 6:32 am
    Originally posted by powmow:

    thanks for the reply kay henry,

    does the 12% net profit take into account building materials or anything like that needed for renovation?
    and is the rate around 2%?

    thanks again…

    I believe that it doesn’t….however if it is established as your PPOR then the sales duty does not apply.

    Cheers,

    Simon Macks
    Mortgage Broker
    http://www.mortgagehunter.com.au
    0425 228 985

    NODOC Loan – 65% Loan – No questions asked! 6.85% Rate!!

    Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.

    Profile photo of powmowpowmow
    Member
    @powmow
    Join Date: 2003
    Post Count: 91
    September 12, 2004 - 10:18 pm

    thanks for that simon!

    Profile photo of DerekDerek
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    @derek
    Join Date: 2004
    Post Count: 3,544
    September 12, 2004 - 11:27 pm

    Hi powmow,

    Try this link for some more information.

    http://www.osr.nsw.gov.au/pls/portal/docs/page/downloads/other/vendor_duty_factsheet.pdf

    or this one

    http://www.osr.nsw.gov.au/portal/page?_pageid=33,193927&_dad=portal&_schema=OSRPTLT

    Derek
    [email protected]

    Property Investment Support Available. Ongoing and never stopping. PM welcome.

Viewing 8 posts - 1 through 8 (of 8 total)

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