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melbear
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January 6, 2004 - 10:43 am
I can honestly say
that it certainly wasn’t me[]
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Mel
melbear
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January 6, 2004 - 7:29 am
I think that should actually be ‘young’ SIS. O wonderful, helpful one.
Please don’t edit me[]
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Mel
melbear
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January 6, 2004 - 7:26 am
Hey SIS, my fat fingers again! I just did a separate post for Mortgage Hunter in Forum Fun
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Mel
melbear
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January 6, 2004 - 7:15 am
Oh, Guru, that’s so sweet!![]
Congrats SIS. Better be nice to him now – he has powers!
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Mel
melbear
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January 6, 2004 - 7:14 am
Sorry Guru, I think I must have fat fingers. Both you and SIS hit ‘Post’ before I do quite often these days.[xx(]
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Mel
melbear
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January 6, 2004 - 7:10 am
Mark, I think the clue is ‘home’, but it’s true.
Do a search for a post by Mortgage Hunter on this topic. He actually lists the legislation.
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Mel
melbear
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January 6, 2004 - 7:08 am
Christian, for the manual Terry suggested (an excellent manual) go to http://www.gatherumgoss.com
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Mel
melbear
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January 6, 2004 - 7:07 am
comdom – how far off what?
Sounds like a decent deal to me – although you need to factor in PM fees, rates, water etc.
Rental yield is 9.6% (full occupancy)
IO Payment at 7% on $115K = $155 per week.
I’d definitely be looking further.
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Mel
melbear
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@melbear
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January 6, 2004 - 7:04 am
No mcollins. The developer’s solicitor will be holding your deposit, and your solicitor/real estate agent will be holding your buyers deposit.
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Mel
melbear
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January 6, 2004 - 7:03 am
Shirley, if you do a search, Mortgage Hunter actually posted the legislation recently in a similar discussion which outlines the hows and whys of SISs answer.
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Mel
melbear
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January 6, 2004 - 6:49 am
Yes, well Pinky, I reckon we expected that of you two[]
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Mel
melbear
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January 6, 2004 - 4:48 am
Playing Taboo with some friends. Well, actually we stopped to watch the countdown on the telly.
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Mel
melbear
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January 6, 2004 - 4:46 am
I’ve heard from different people (I think Dale Gatherum Goss was one) that if you move out of your PPOR then do a valuation straight away that that will be your ‘beginning’ price for calculation of CGT.
If the above is true, and I think it is, then the pro rata concept is only for where you rent it out first.
shushar, I don’t believe that there is a minimum time limit to establish as PPOR for CGT purposes (unlike FHOG). This has been discussed before, with (I think Mortgage Hunter) someome pointing to the legislation.
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Mel
melbear
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January 6, 2004 - 4:33 am
also check out http://www.propertytalk.co.nz
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Mel
melbear
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January 6, 2004 - 4:32 am
Mooda, your friend could do quite well with a negatively geared property. With such a high income, some tax benefits would do wonders for her disposable income. I hope she doesn’t spend it all – although she mustn’t if she’s saved up that much.
If she does want to buy a neg geared one, make sure it’s a relatively new one so she can claim the depreciation. She could probably afford quite a few on her salary before the tax benefits stop being so good (I’m jealous![])
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Mel
melbear
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January 6, 2004 - 4:27 am
Hi Simon and welcome
I wouldn’t buy anything that will appreciate in a company name as if you do sell, you will be subject to 30% tax – there is no CGT exemption for companies.
A better option if you wanted to not have it in your own name (asset protection and tax minimisation) is to set up a discretionary trust (possibly/probably with a company as trustee). There have been many discussions on this topic previously.
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Mel
melbear
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January 6, 2004 - 4:24 am
I think if you read some of the other posts on this same sort of topic, you would find that it COSTS Steve something like $600 per week in bandwith just to run this site. He funds it himself, by selling some of the resources he has created for others to benefit from.
I believe everybody else is here to learn and to help others where they can.
My 2c.
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Mel
melbear
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January 6, 2004 - 12:56 am
Rubbachook, that’s not what I was suggesting with my post.
It was more answering your post about people being born here of non Aussies and having parents overseas.
I was arguing that Vegemite and Rupert were born here, and then left rather than that their parents came here and had them.
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Mel
melbear
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January 6, 2004 - 12:27 am
[][][8D][][:X]
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Mel
melbear
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January 6, 2004 - 12:24 am
Risky, there is a commercial book out now – it’s written by Martin Roth of Top Stocks xxxx fame and lots of share books. I can’t recall it’s name off the top of my head though, but it does exist.
Cheers
Mel