Thanks again Terry

Scott – its a hypothetical situation

Thanks Terry, you really know your stuff. Since it’s a) then it begs the question in what scenario is it actually useful to get a valuation done (with regards to minimising CGT)?

If i reverse the example and move in for the first year (PPOR), then rent it out for 1 year and no longer treat it as my PPOR (say i buy a second place), would the…[Read more]

Hey Cory

Interesting idea. The website looks good, interested to see the product.

I would say don’t forget to include all the official forms that go with self managing a property. E.g. for NSW check out the fair trading website, theres a form for the rental agreement, dilap report, bond money, permission to inspect etc etc etc. Same goes for…[Read more]

Hi Corey / Richard

That’s definitely good advice above, but if I wanted to learn more details where can I find further information on some of those things you mentioned?:
– A finance/loan structure that supports the next investment
– “The right lender”
– “Getting it right from the start”

Cheers
Adam

Thanks Terry

Yep that’s along the lines of what I was thinking; move in for 3-6 months, electoral roll, phone, internet, electricity, gas, bank statements, mail etc etc.

Thanks for the article feedback as well – much appreciated!

Adam

Haha Benny, think we both posted at the same time there!

I have read that page before, and yeah it doesn’t specifically address the restarting of the time. I think my second post above is about as much info on the topic as is available on the internet, which is why I’m really trying to find if anyone has some real life experience with ATO…[Read more]

Thanks Benny/Terry

I have located the relevant section Terry mentioned s118-145 ITAA97

(2) If you use the part of the dwelling that was your main residence for the purpose of producing assessable income, the maximum period that you can treat it as your main residence under this section while you use it for that purpose is 6 years. You are…

[Read more]

My understanding is that the 6 years are cumulative between multiple properties, so if you’ve had the other IP for more than 1 year then CGT would start to be accumulated. BUT it would only be for the proportion of time that it exceeds the 6 years, so this when combined with your 50% discount should be a relatively small amount.

Have you spoken…[Read more]

The original definitely works however the post seems to focus on cheap regional properties… personally I don’t have the time to spend researching a regional area thoroughly as described.

I did just skim through the comments, but the only other strategy I saw mentioned was renovating to possibly manufacture positive cash flow.

Has anyone…[Read more]