Hello Lady 24I don't know the answer but would be very surprised if it was yes. Why don't you ring up the council and ask? Please let us know when you find out.ThanksElka

Well that's certainly a trap for unwary players. I wonder if it would work if you bought each (strata titled) unit with a different contract date e.g one months difference or something, if the vendor was willing. Anyone tried that?.CheersElka

Hello PaulI'm not actually sure what your question is. From your topic heading I assume (yes, yes I know     )  that your asking how much CGT you will be up for and is there any way to minimise it? I don't quite know how you came up with your profit figures but CG is calculated on the sale price minus sales costs (agent fees, bank fees, sales tax…[Read more]

wilrose wrote:
Hi all,can anyone advise where to check on your own history of posts? I would like to find mine to see if there's been any replies but are a bit lost at this present point in time.Wilrose

Ditto, but love the speed. Elka

I did. Thank you for sharing it . Cheers  Elka

Hello FidelWhat X collateralization means is that you have more than 1 property as security for a mortgage. Banks love that because it usually means that they have way too much security for the loan. The prefered method is to take out a stand alone loan on property A  (or to increase the mortgage on property A if it has one) and then use the…[Read more]

Hello ArtYou mentioned that they are offering a three year lease with a 3 year option.  That's their option … not yours ……  so doesn't that mean that you could be locked in for 6 years. ?Is there any mention in the lease about rent after the first 3 years. Is it tied to fair market value.? If so I think that this probably means that you can…[Read more]

Funny how different people have different reactions.

My reaction was that I thought that a 12 month lease for a shop was a short lease, Good for the tenant of cause but not for the landlord.
As far as rent increases go, that’s usually built into the lease agreement. Typically CPI increase each year with a rent review to market price at the end of…[Read more]

Hello Lisabellan

Nice profit over 2 years. Congratulations. [smiling]

This is much too much money to make an uninformed decision about. I strongly suggest you go to a very good accountant who will be able to help you work out the best way to minimise your CGT.

Maybe your friend was talking about making a big deductible contribution to your…[Read more]

Hello Julie

I think tiling over tiles only works really well if the tiles are floor to ceiling and then you really can’t tell the difference.

Cheers [smiling]
Elka

Hello Paul13

Sorry for your loss.

I am no accountant but have been reading this section of the ATO site just out of interest.

My understanding is that you will not need to pay any CGT. Because the property was purchased pre 1985 it seems irrelevant whether it was your parents PPOR or not.

You should not need to pay any CGT if you either sell…[Read more]

Hello Terry

Have you done any calculations on the returns after all the fund fees and interest cost have been deducted based on 50% LVR?

Thanks [smiling]
Elka

Hello e-town

To begin with I don’t know anything about investing in Canada, so be warned. [smiling]

Is a company a good structure in Canada for a buy and hold property investing strategy? I assume you have checked this out with a good property investing savvy accountant?

Wether you put down 5 or 25% deposit is dependent on what sort of…[Read more]

Originally posted by The Contrarian:

As a rule of thumb, it generally pays to pay of your PPOR first for tax reasons.
therefore, you would transfer the equity from your IP to your PPOR, and transfer the loan from your PPOR to your IP, that way ALL of the interest and loan costs are tax deductible.

Hello Contrarian

This would be a nice trick…[Read more]

Hello orica

On the day of the auction ask again if it’s possible to have a 60 day settlement ….. before the auction starts. Depending on the interest for the property they may say yes which will give you extra breathing space. Nothing sacred about 30 day settlements.

The problem with auctions, as Simon mentioned, is that you buy…[Read more]

Hello ao

The info you posted seems dated. Here is a link to the relevant section of the Vic. SRO site. They administer the FHOG, the Vic bonus and stamp duty, which is a state tax.

http://www.sro.vic.gov.au/sro/srowebsite.nsf/taxes_benefits.htm

I haven’t looked to see what the rules are but like in every other state you will be required to live…[Read more]

Hello meatgroup

Who has the contract now? If it’s still in your possession I should think that just literally tearing it up and telling the agent that you have changed your mind should do the trick.

However, I am not a solicitor and like Terry, suggest you ring your lawyer asap.

Good luck
Elka

Hello Richard

Although it was not intended as an invitation to wish you a happy birthday, I just thought that I would anyway. [biggrin]

Happy Birthday

Together with my good wishes I thought I would just give you a bit of advice.

Don’t go near your keyboard on the 2nd. Spend it much more usefully and enjoyably with your wife and kids.

Have…[Read more]

Congratulations. [biggrin]

That’s certainly a different kind of investment. [thumbsupanim]

Elka

Hello Morty

Can I ask you why you have decided to use a company structure to buy and sell property? I assume that you’re aware that there is no CGT discount for companies.

Of cause if your intention is to buy and sell properties as a business then the profits are seen as income and not CG so that may be OK but if it’s for investment then I…[Read more]