Originally posted by eeshole:
Monopoly, why do you think I’m only 16? That’s probably my mental age, but I can tell you it’s been a looooooong time since I was remotely close to 16.

Sometimes I wish I was 16 again.
Sorry eeshole, but you were the one who said it in one of your earlier posts, and there was no mention of it being your “mental age”…[Read more]

Showbags,

I am sooooo glad you asked that question.[biggrin]

Just got off the phone to the Victorian SRO and I have been informed that transfers by “natural love and affection” are still permissable and do not incur costs here in Victoria; not sure about other states though.

It took me a minute because I was trying to remember the exact…[Read more]

Originally posted by showbags:
Hi Simon,

You mention it will be a costly exercise, how so may I ask? As I understand it, there is no duties between property trasactions between spouse’s. All I thought I would need to do is transfer the title, extract the equity and borrow in my name the full amount. Then, I thought all expenses would be a…[Read more]

Yack,

You asked me was there any legislation, I said I wasn’t sure but rather than blow it out my backside, I tried to do the right thing and posted a link re the Code of Practice for REAs as per the REIV, it clearly stipulates the use of signage; not my decision, nor my concern, but their practices!!!

Unlike you, I don’t have an aversion to…[Read more]

Thanks Simon,

My apologies showbags, I had overlooked a very important point, to which Simon has so kindly drawn me too, and that is the transfer of “bad debt” to “good debt” or non-deductible to deductible.

Cheers,

Jo

Here’s another:

If the shoe fits……..[blush2]

Besides Yack,

I’ll stop my “subjectivity” (I suggest you look up the word, as I am hardly being as you accuse me).

You directed your snideness at my comment, I obliged with an intelligent answer, and all you could come up with was “I don’t agree with free advertising, they’re an eye-sore” and a…[Read more]

Showbags,

This will be a costly exercise, and quite frankly I don’t see the point.

You will be liable for stamp duty.

If you want to turn it into an IP that’s fine, why not just move out and rent it??? As your PPOR it is CGT exempt, and provided you do not buy another PPOR in the time that it is being rented, you can sell it within 6 years of…[Read more]

Pasandbec,

Sorry I am not a FHOG expert, people such as Woodsman and TerryW are, and as I can see they have addressed your concerns impeccably!![thumbsupanim]

BTW…if you want to speak to me without posting publicly you can do so by just selecting my username (by clicking on my name anywhere) then going to my profile, and sending me a message.…[Read more]

Pasandbec,

Don’t be. The 6 month cross over is a period of time in which you are allowed to have more than one main residence. Often this is for people who say, sell their PPOR and are awaiting the settlement of their new PPOR, in which case they are technically claiming 2 PPORs.

Cheers,

Jo

Originally posted by Terryw:
Hi Jo

I was assuming that pasandbec would not be claiming the current main property as their main resdience for any overlapping ownership period.

Fair enough, Terry. Under those circumstances, yes you would have been spot on, especially mentioning the 6 month cross over period which in my haste, I omitted.

Many thanks,

Jo

Originally posted by pasandbec:
You obviously have alot of experience in this area
Sadly to the tune of almost 250,000 so yes I guess I have more than “a little” [blush2] knowledge of CGT.[bawl]
and I really appreciate you taking the time to help me.
You are MOST WELCOME!!! I do so hope that you can manage to repay the absolute minimum.…[Read more]

Yack,

The sign is there for 30 days, after which time it must be removed, unless the agency obviously decides to do so beforehand.

As I posted before, try reading: http://www.reiv.com.au/_uploads/98_rulesOfPractice.pdf
It is part of the agents code of practice, so to that end, whether you or I like it or not, that’s just the way it is….MOVE…[Read more]

Originally posted by pasandbec:
Thanks Jo! You’re a great help!

I did not get an evaluation done at the time I moved out of my Canberra property! Can I get one done NOW??? i.e can they back value it?
Yes you can, there are valuers specifically versed in this type of thing, especially for CGT purposes where people such as yourself (and I am guilty…[Read more]

Originally posted by Don and Liz:
Hi Jo,

Has absolutely nothing to do with your mailing address. This history of this particular tax law was to make concession for public servants and others who were posted interstate and overseas for work. ie although they did not live in their old house there was no capital gains tax liability when it was sold.…[Read more]

Originally posted by pasandbec:
Monopoly,

I spoke to my tax accountant and solicitor earlier today who said a couple of things. Could you confirm whether what they said is true (from your undersatnding of it).

My solicitor seemed to think that the CGT would only be calculated on the difference in the value of the property between the time that I…[Read more]

It’s worth a try!!

But it won’t really make much of a difference, you have 6 years in which you can rent a PPOR and still be CGT exempt, PROVIDED you do not claim another property as your PPOR.

At worst at least your partner is CGT exempt, and quarter of a bill is better than half right??? Don’t worry too much, the CGT for your partner only…[Read more]

Hi pasandbec,

It is confusing, but unfortunately I can’t say the clarity of its impact has ever escaped me. Not only do I have a sister working with the ATO but I have paid more than $250,000 in CGT in my years of investing!!! So I am familiar with the “what does” and “what doesn’t” qualify for exemption. [blush2]

You don’t have to “nominate”…[Read more]

Originally posted by Don and Liz:
However, there are heaps of exemptions such as useds cars (unless its a business) household goods etc etc. As it is exempt then you don’t pay the tax.
Don and Liz,

My sister is an ATO employee and this was never mentioned to me, can you please explain where you got this from??? [blink]

Cheers,

Jo

Originally posted by Terryw:
I think you could get away without paying CGT this time, by claiming you last place as the main residence. But if you ever sell the current main residence, you could not claim it as your main residence from the date of purchase until you sold the investment. Can only have one main residence at one time – except for a 6…[Read more]

pasandbec,

Sorry, but if you have nominated your house bought in August 2004 as your PPOR you WILL have to pay CGT, of course you can try and get out of it, but I wouldn’t recommend it as the ATO can be heartless if you get caught.

Basically, if you were having your mail addressed to your 2004 PPOR that can be traced back, so if you try and tell…[Read more]