Hello Blogs

Why don’t you ring up your solicitor and ask. I honestly don’t know the answer and can well imagine that everyone is hesitating for fear of giving you the wrong information.

Good luck
Elka

Hello Chris

Nice to see that you have joined the forum. I am not the only one on the forum interested in commercial property who has a lot of questions on the subejct. I am sure we will be keeping you busy. [smiling]

I will save all my questions till after I have been to your seminar. I am just waiting for an answer from family members who I…[Read more]

What a tragedy.

Looking at his profile he was only in his mid 20’s and as you say, an enthusiastic investor and a helpful forum member.

What a loss for the family.

Thanks for the tip Simon. My niece was looking at a home loan from them as, like you, she is attracted by the low rates. I will warn her.

Cheers [smiling]
Elka

Of cause your right trajik. Missed the FHOG thing sorry.

Silly me. [blush2]
Elka

Hello brc

I don’t know the answer to your question but I think there may also be CGT implications here.

I assume that they where thinking of doing the transfer/sale at the original price? but I am not sure if the ATO will wear that. Also something to check maybe.

Cheers
Elka

Hello Redleaves/DD

Lifes too short to be irritated by this nonsense. [biggrin]

This post appeared on Sunday so I’m happy to see that all the moderators (who would normally delete this post) are out there having a life with their families instead of sitting hunched over a keyboard.

Spammers don’t care about forum rules but at the same time I’m…[Read more]

Hello picklesam

Since you lived in the property as your PPOR before turning it into an IP and have not declared any other place as your PPOR then you have up to 6 years CGT free on this property. In fact if, before the 6 years is up, you move in again and use it as your PPOR (no deductions for this period) then after a time you can turn it back…[Read more]

Hello Artaud

In Melbourne on Saturday 24th Feb. Here is a link to the info.

http://his-best.biz/2007/1/18/early-bird-registration-expires-on-31-january

Cheers [smiling]
Elka

Hello Sharon

I’m an Aussie living in Belgium. I have several investment properties in Australia and would be happy to answer any questions you have, if I am able.

Obviously I am a non resident for tax purposes as well though I have a TFN and my accountant lodges a return for me. There are no differences between being a resident or not as far…[Read more]

Hello kpi

Why don’t you do a search (under the forum button above) for trusts on this forum. A lot of useful information has been written about this topic here. It’s good to have the basic information before you go and see your accountant. I have found that the more you know about a subject the more useful your accountant is.

I see your from…[Read more]

Originally posted by Terryw:
say its worth $500,000.

Just think of it as a sale of the property and then repurchasing it.

Assuming they will split it evenly, that means your dad’s share is worth $250,000, less his share of the loan of $50,000 = $200,000.

Same with your mum.

Now your dad will gift you this $100,000 of his $200,000 and you buy…[Read more]

Of cause Terrys explination was 100% correct and clearly explained, as always.

However it did not result in a 50/50 ownership of the house. To do that you need to take over half the current mortgage.

Cheers
Elka

Hello CJ

Glad to see that you are managing to work it out. I went back to your original post and thought that I would use your real figures together with Terrys example because I’m a little fuzzy about the end result of the example too.

You said the house which is jointly owned by your parents is worth $400K and has a $112K mortgage.

$400K -…[Read more]

Thank you both. Apparantly there is some sort of barrier spray that you can also use which seems to be doing the trick for the moment.

If the problem stays away for 4 weeks I will be able to apply one of your solutions myself as I will be in Melb. on a visit. Yipeeeee.[biggrin][biggrin][thumbsupanim]

Cheers
Elka

Hello CJ

If I were starting out that’s what I would do. Buy a property as my PPOR. Get the FHOG and live in it for the time required while renovating it. After that I would move out and rent.

While I think you are probably right in thinking that the buying costs would not be tax deductible after the property becomes an IP, don’t forget that the…[Read more]

Hello picklesam

Assuming an interest rate of 7.21% if you pay off $4700/ month then your loan will be paid off in just over 9 years.

http://www.homepath.com.au/calculators/

The link is to a good loans calculator where you can play around to see the effects of various scenarios. b.t.w. I hope you are paying fortnightly and not monthly (assuming…[Read more]

Originally posted by L.A Aussie:

Sounds like a hefty rent increase at the next lease signing is in order.

LOL. Actually you read my mind. [smiling]

Hello Tara

I actually think the CGT issue may be very important and I would suggest that you go to an accountant who is well versed in CGT in relation to inheritance.

A lot depends on whether the property was bought pre or post Sept. 1985 and whether it was always someones PPOR or an investment property.

You may want to read up on this topic on…[Read more]

Originally posted by bridgebuff:
Does anybody know if CGT applies if you sublet two rooms in your PPoR?

Believe it does, on a pro rata bases.

http://www.ato.gov.au/individuals/content.asp?doc=/content/36910.htm