Forum Replies Created

Viewing 5 posts - 1 through 5 (of 5 total)
  • Profile photo of AllanPAllanP
    Participant
    @allanp
    Join Date: 2011
    Post Count: 7
    September 25, 2011 - 12:31 pm

    Cheers Catalyst i will send an email of and see what they say :)

    Profile photo of AllanPAllanP
    Participant
    @allanp
    Join Date: 2011
    Post Count: 7
    September 21, 2011 - 12:21 pm

    Hey just giving everyone abit of an update in case they could use this info in the future.

    I rang the ATO up and they said it will not be a problem because we lived in the house previously it is classed as our principal place of residence. There for making it exempt from capital gains tax for 6 years with the 50% discount after that. So we can still do the depreciation with out a problem.

    Profile photo of AllanPAllanP
    Participant
    @allanp
    Join Date: 2011
    Post Count: 7
    September 13, 2011 - 12:29 pm

    Bump

    Can some one please confirm if i have my head around this from what i wrote a couple posts up? It would be greatly appreciated.
    Also can any one recommend a good accountant that can sort out my tax for my IP and job in Brisbane?

    Cheers Allan

    Profile photo of AllanPAllanP
    Participant
    @allanp
    Join Date: 2011
    Post Count: 7
    September 7, 2011 - 10:30 am

    Oh ok i was unaware of that. So thats why Rob said i would not have to sell because after the 6 years are up i could still keep renting it out and get the 50% discount later on down the track when i decide to sell. I like the sound of that :)

    Profile photo of AllanPAllanP
    Participant
    @allanp
    Join Date: 2011
    Post Count: 7
    September 7, 2011 - 10:20 am

    Hey Terry and Rob cheers for the replys :)

    I am starting to get my head around this but still have many questions and abit confused

    From what im gathering is that what the tax bloke said is right. That i will be exempt from capital gains tax because it was initially my PPOR. As long as i sell within the 6 years or move back in for a little bit within the 6 years then can start the 6 years again (Taken from the income tax assessment act s118.145 ITAA 199)

    Rob when you wrote ''Don't feel you have to sell !!! Don;t forget the 50% discount and the fact that the tax is deferred until disposal''

    What do you mean by this what 50% discount are you talking about?  (im very new to this lol)

    So pretty much in a nutshell i can claim depreciation on this property in Adelaide while living in Brisbane and still be exempt from capital gains tax because the house was initially my PPOR? Providing i dont do it for more than 6 years.

    Thanks again for all your help this is a massive learning curve for my partner and I. Also can anyone recommend me a good tax agent to see about doing our regular tax and IP tax?

Viewing 5 posts - 1 through 5 (of 5 total)