Forum Replies Created
- Scott No Mates wrote:By being registered for gst, you could purchase 'as going concern' hence not paying the tax, providing it meets the other requirements of the ATO.
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It;s not a going concern – it is untenanted
A copy should be attached to your contract when you bought, otherwise online search with land titles
The first thing to do is to look at the title deed for the common property and see what the terms of the right of way are. The second would be to talk to the council and find out exactly what has happened and why
It's not a going concern as untenanted. If the current owner is registered for GST then GST will need to be charged in most circumstances, if you are cnverting to residential after you purchase it is unlikely that if GST is charged to you that yuu would be able to recoup it as it would be an input taxedd supply to you
On the other hand I can think of a number of blue chip stocks that if you'd invested $10000 in the early 90s are worth several multiples of that.
Get a valuation, put a board outside, letterbox drop the neighbourhood
Duckster unfortunately is incorrect, if it is a PpOR from the beginning and you rent it out your cost base is reset from the time it is rented out, if it is an IP and then becomes a PPOR the cost base is not reset although your costs when it is a PPOR eg interest rates etc can get added to your cost base
There are a number of decisions which are quite clear that as soon as possible means just that, not as soon as it is convenient to you.
http://www.smh.com.au/money/borrowing/practicable-is-what-ato-preaches-20100524-w6ps.html
This is a clause dealing with plant and equipment, not building write off. With plant and equipment this always used to be a normal c;ause
As state/territory laws are different you need someone who understands the law of the particular state/territory. Most ACT conveyancing people would be familiar with NSW, those in NSW in near vicinity of ACT would be familiar with both. Most Sydney based would not be
What does your contract say? Take the contract and get advice from your lawyer
No. You should be able to change the agent or self-manage
This si quite common to have one PPOR which you are not living in. In my situation we moved out of our PPOR 18 months ago, and have bought another house we live in which we are not intending to claim as our PPOR because ultimately we want to move back, on the other hand we want to be able to put pictures up, and do things with the yard here without having to get permission from a landlord
pwinne wrote:It was sold in early 2008. We didnt, or havent claimed any exemption.I was hoping that MY old PPOR was considered as such until I moved to the house we are in now, in November 2007.
Valuation may be an issue…? I dont think I have one for that specific date frame.
Cheers
Unless your wife has shown a capital gain on her house in her 2008 tax return, then effectively the exemption has been claimed. and your current PPOR that you moved into in 2007 will not be exempt either from the period to the date of the contract of the sale of the house in 2008.
What has happened with your wife's house you moved into? If this has been sold and your wife has claimed the PPOR exemption, then your POR exemption will only be until you moved in. If it has not been sold then you and your wife need to look at whether half the PPOR exemption should go to both houses or the whole to one house.
The second issue is that your original PPOR needs to be valued at the date you moved out rather than the date you got another PPOR in 2007.
It reads as if you have a non inhabitable house (or at least one that a tenant won't live in pre renovation), that you bought it when it was attractive to a tenant or your then tenant couldn't be bothered shifting. Why are you surprised that a house that needs money spent on it is not going to fetch as much as when you bought it.
Couple this with any uncertainty about taxes, take into account that Broken Hill is not necessarily everybody's dream location – yes there is plenty of sand but the tide is a long way out and that the forecast population is continuing to decline.
The implication is that you are intending to sell the rear. In this case CGT will not apply as your intention is to develop and you will not get any discount if you hold for more than 12 months. Your profit will be based on the % age of the current value of the rear block as is to the whole plus a proprtion of the subdivision costs deducted from the sale price of the rear block. You will need to consider whether to register for GST and what impact if nay the margin scheme may have
The issue you will have is whether you have waived any rights you might have under the subject to finance clause. You need legal advice which looks at the exact wording of the clause and what you have done. General advice from people on a forum is useless to you.
If you are bound get a credit card
Read your contract.eg NSW 2005 contract says vendor entitled to rents and liable for rates up to and incuding the adjsutment date
Terryw makes some good points. Here you are setting up a complicated venture with 4 separate parties as owners of the units. What is the exit strategy if there is a disagreement etc, who are the trustees of the unit trust – is it some of the individuals or is it a company if so how are the directors of the company chosen.
If you can't afford some proper advice can you really afford to enter into this venture? You seem a bit like an investor who would decide to save $400 by not having a prepurcahse building inspection and running a greater risk of unknown contingencies.
