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Hi Kev2008
I reside in Sydney and now own 4 properties. Feel free to drop me an email if you have any questions [email protected].
Have you read a book "Retire Young Retire Rich" from Rich Dad Poor Dad series. I strongly recommend if you have not yet done so. Getting rich starts from your mind "Leverage of mind". And keep on reading property articles to increase your education. The first step is always hard, but after that you will do fine.
Hi all
Yes you should ensure that you submit all facts to ATO and you should run the process with your accountant. The ATO dislikes those creative instruments and ATO has many means to deny interest deductions thru e.g. applying Part IVA arguments (meaning if the main purpose of setting up the arrangement was to obtain tax benefits). Even if you insists on the commercialisation purpose (instead of tax benefits) (like the argument of CN), you will never know the results unless the matter is being tested in court. Having a binding private ruling from ATO will provide better security.Keith Mar CA M.Tax
SUNNYSIDE ACCOUNTANTS
[email protected]Dear Martin
This is my first comment on the forum. To answer your question, there are many main residence CGT exemption that you may be able to claim. To name a few:
1. You can claim main residence exemption if you are changing main residences – a taxpayer can have concurrent exemption for two dwellings up to 6 months. However the main residence (old) was your main residence for a continuous period of at least 3 years in the 12 months ending when the existing main residence is sold.
2. You can claim exemption if you are building, repairing or renovating a dwelling – you can claim up to 4 years if you are building your main residence (new).
The ATO will look at your pattern of main residence trading (buy and sale within 12 months) because the nature of your transaction is more important that the face value. So therefore if you buy and sale a lot using the same exemption, the ATO may challenge you that you are property trader and will deny your exemption. So please check with your accountant.
I hope this is helpful to you.
