You should also consider which entity should acquire the property for tax planning purposes. A lawyer can advise whether the and/or nominee clause will work to prevent double stamp duty.

Either way the entity would need to be setup prior to entering into contracts.

You need a good lawyer in the state your in to advise on that.

Generally you could use the margin scheme in such a situation.

When you sell the purchaser and you must agree in writing to use the margin scheme.

Basically GST is calculated as 1/11th of the margin. That is difference between sales price and purchase price. Better than 1/11th of the sale price.

You may also be eligible to claim input tax…[Read more]

Re GST you will pay on purchase it will depend on the situation of the current owner.

If its held as trading stock by the current owner it may be subject to GST. If its a residential block that they have held for 10 years and merely has a house they lived in or rented for those years and they never had an intention to do anything more then they…[Read more]

Will depend on the situation of the current owner.

If its held as trading stock by the current owner it may be subject to GST. If its a residential block that they have held for 10 years and merely has a house they lived in or rented for those years and they never had an intention to do anything more then they probably wont be subject to GST so…[Read more]

Will depend on the situation of the current owner.

If its held as trading stock by the current owner it may be subject to GST. If its a residential block that they have held for 10 years and merely has a house they lived in or rented for those years and they never had an intention to do anything more then they probably wont be subject to GST so…[Read more]

correct. you need to do two things regarding depreciation.

1. get a copy of the depreciation schedule
2. work out the amount of Division 43 (capital works deductions) you have claimed or would have been able to claim since owning the property.
3. take the purchase price and allocate it between the Division 40 and Low Value Pool Items and the…[Read more]

If a mortgage broker set up an smsf without providing a statement of advice as a registered financial planner under an authorised rep or license then they have committed a criminal offense.

If a mortgage broker set up an smsf without providing a statement of advice as a registered financial planner under an authorised rep or license then they have committed a criminal offense.

Few things to remember as well.

1. Property must be held by an individual. Trusts and companies dont get the main residence exemption.

2. If used for income producing purposes it will be subject to partial CGT. Be careful if you have used it as a work office as it may be subject to partial CGT. But can use the small business concession to reduce…[Read more]