Hello gocoastalThere is no CGT to pay on selling a PPOR if it has never been an IP. There is no time constraints on how long you have to live in a place for it to qualify as your PPOR. Ring your accountant and he/she should be able to confirm this for you.CheersElka

Hello JamesI've always used Nelson Alexandra for properties in the inner north of Melbourne. I have been happy with their service and have never had any problems with any of my tenants….. or they with me  http://www.nelsonalexander.com.au/Hope this helpsElka

Hello ScottHave you asked the vendor how much the land tax is that they want reimbursed? If you say that as a single holding the land tax should be nil ( i.e. land value under +/- $200K in Vic) then it  may be better to "give" them the land tax and concentrate on getting the price of the property reduce by an extra few thousand. Give a little, ge…[Read more]

Sorry. Double post.

Hello ScottInteresting questions and by the lack of answers it may be that most people on the forum, like myself, have never been asked for an adjustment on land tax. I guess that's not surprising on residential property as we are usually buying someones PPOR which, in Vic. at least, is exempt from land tax.I guess your accountant and…[Read more]

Hello the-brothersI'm sorry I can't help you with your question but I have some I would like to ask you, if you wouldn't mind. I assume you have rung the council and asked them?Why are you looking to change a commercial investment into a residential one. Commercial property gives better returns and is usually much less tiresome to hold once you…[Read more]

Hello McNormanAssuming you haven't bought another PPOR ?. CheersElka

Hello Misty1Yes there is. Click on the name of the user you want to PM. Click on view public profile and you will see there a facility to PM that user. This will only be active if the user has elected to receive PMs. Actually I think this was set up as standard so it was more a case of "unticking" the box  in their user profile if they didn't wa…[Read more]

Hello DarylAs you have described the situation, if you were to sell you would be up for CGT on 4 years ( being the 10 years you have rented out minus the 6 that you are allowed before you lose your CGT free status.). Hope this helpsElka 

I have never heard of Bunbury but had a look on the net. Looks like a lovely place for a visit. Good luck and let us know how you go.Elka

Sorry. It took me so long to type that our posts crossed.However, even if your parents are the trustees making non existent (at the time) children sole beneficiaries is still incompetent. 

Hello friskyHave you been to another solicitor for advice about the deed? One who is well versed with trusts?.If not I would strongly suggest that you do that at once. The situation will only get more complicated (and expensive) with time I would think. This is probably a good time to unravel the mess.  Based on the size of the land I imagine t…[Read more]

Hello fiskyHave you had your solicitor or accountant check the trust deed to make sure that you're right about this? If it's a discretionary trust (also known as a family trust) it would be most unusual for it to be so narrow that it only allows your children (not yet born)  to be beneficiaries of it. A DT usually has specific beneficiaries and…[Read more]

Hello gocoastalThe 12 month rule you are referring to is for CGT relating to IP's not PPORs. Assuming that your current home has never been an IP for you there should be no CGT to pay. However if you received the FHOG or reduced stamp duty on the purchase because it was your first PPOR then you may need to stay in for longer. This is state…[Read more]

Thank you Richard.Bummer!!! But all is not yet lost. I have a sister in Oz who is also my beneficiary so there may be something I can do with her if it's possible to be a member of two SMSF's.Hello RebeccaSorry. I did not mean to hijack your thread but thought that the answers would be useful to your situation too.  Will keep thinking. Elka

Hello RichardDo all trustees have to be beneficiaries or can you for example have your FA or accountant as a trustee or maybe a relative with POA.You're a walking encyclopedia in areas of finance and investing Richard. Thank youElka

Hello Richard"Where a fund loses its complying status by either failing the Compliance test or by becoming a non resident it wil have its income, including contributions received and earnings within the funds taxed at 47% in the year it became non- complying"I have heard that it is possible to get around this (i.e. if you are overseas) by having a…[Read more]

Hello 9ballHave you looked at this company which claims to offer a better exchange rate than the banks. There was a thread which also mentioned another company but I can't find it. Sorry. I haven't used them myself so this is no recommendation.http://www.ozforex.com.au/CheersElka

Thank you both for your answers. One of the reasons I want to delay replacing the unit is so that I can also look into your suggestions Scott. It's all too difficult if you can't be there to ask the right questions and see for yourself. CheersElka 

Hello Steve I really hope that your wife is on the mend and will soon be home again.Hello CrashyIt was just serviced so I guess they checked the gas and in fact it is working.  Hello TracyYour right about if a facility is there when you let a property and it breaks down e.g AC, then you are obliged to repair it. However my understanding from my P…[Read more]