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  • Profile photo of ChinaPowerChinaPower
    Participant
    @chinapower
    Join Date: 2005
    Post Count: 5
    September 21, 2005 - 1:17 pm

    and i beleive ATO is tracking down on low-doc applicants for more audits.

    Profile photo of ChinaPowerChinaPower
    Participant
    @chinapower
    Join Date: 2005
    Post Count: 5
    September 21, 2005 - 1:11 pm

    actually you can choose from the two methods for whichever is more favorable:

    the indexing one (with CPIs) – however note index frozen at certain year (cant remember which year, ask an accountant to do the cals)

    or the 50% discount method.

    It is hard to say which way is better without a calc.

    Profile photo of ChinaPowerChinaPower
    Participant
    @chinapower
    Join Date: 2005
    Post Count: 5
    September 9, 2005 - 3:40 pm

    You probably wont see this post..

    but which state is your friend in? In some states, such as NSW, transfer title between spouses is stamp duty free.

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    Participant
    @chinapower
    Join Date: 2005
    Post Count: 5
    September 9, 2005 - 3:01 pm

    Non deductible
    will be add to the cost base of your property and used to calculate your capital gain once you sell the property.

    Profile photo of ChinaPowerChinaPower
    Participant
    @chinapower
    Join Date: 2005
    Post Count: 5
    September 9, 2005 - 2:43 pm

    If you are in the business of buying and selling properties, you might be able to treat properties as trading stock, and hence capital gain tax is ignored, as a result, the buyer agent fee, together with other non-deductible fees such as conveyance, stamp duty etc will be deductible.

    That’s my understanding, however you probably need an accountant to look into more details of your business.

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