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Many thanks Terry
Thanks Terry
With the property going to auction in Melbourne and if we successfully got the property. If we bought it in our own names then wanted to change it (before settlement) to a joint purchase between us and a trust or purely the trust, would we need to do this before settlement or before the auction?
We do have a property in Perth that we built and lived in for a few years and are now renting it out. I guess that would still be our main residence (for up to 6 years). If we chose the front portion of the block (with the house on it) to be our main residence, will it mean the Perth house no longer becomes the main residence? Is this rule based on houses per financial year?
ThanksAndrew
So to extend this topic a little further I'd like to know what to do in this situation. My wife and I have three investment properties where we're renting them out. One is cash flow positive and the other two are used for negative gearing purposes. We are about to buy another property. One where we can live in the front, develop the land at the back and eventually sell them both off. Should we be looking at a DT arrangement for this purchase as our primary aim is not for negative gearing but purely for profit on the development? The front place will be our primaryt residence so after 12 months, wouldn't be subject to CGT? My wife deosn't work and I earn over 120K per annum.
Many thanks
Andrew
