As I said, ‘IF” you decide to sell you MAY consider doing so BEFORE the 2 year anniversary of your/your sister’s ownership, as in that time you will be CGT EXEMPT, if you hold onto it, you will subject to pay CGT if and when you do sell it. Besides, if you sell it before the 2 years, you can use that money to pay off your PPOR which is as The Adviser (and others) mentioned a non-deductible tax burden! Why hold onto it, when (as they suggested) you can sell, and pay off the home you are in??

Me personally, I wouldn’t sell, simply because (as the others again have highlighted) you can funnel all income back into your non-deductible tax property, but you need to sit down and work out, which option would save you the greatest amount of money. IMO I really hate that four-letter word “SELL” but then again, I realise that at times, selling is the more sensible and financially viable approach!

At the end of the day, it is all about your personal choice.

Cheers,

Jo

Hi SF,

You are very right, in that image, is a key factor especially when doing business. In everyday life, it may not be so important, as your friends and family will know/accept/love you regardless of your attire, but to a client who knows nothing about you other than how you present to them, how you look speaks volumes.

Years ago, when I was running my own psych practice, I would always wear “business type” of garb, skirt/pants, blouse, heels (need them for the extra height!!!!) and so on. Thesedays, I still see people on occasion at home, and at such times I still dress as if I am going into the office/rooms!!!

But generally, I am a jeans and t-shirt kinda gal!!!!!

Cheers,

Jo

Congratulations Derek,

You’re tops and I couldn’t think of a more fitting moderator!!!![medieval]
Well done!!!![thumbsupanim]

Cheers,[biggrin]

Jo

What are you referring to???????????????
Me, the boardgame, or Real Estate?????????

Hi Salicious,

First I agree with Derek on all 3 points, especially (if possible) not to sell them all in the one financial year, thus avoiding the huge taxable income bill you will be faced with if you do sell them all at once.

But if you must, then I suggest (if you can) get your wife to put the profit from sales into her return, as she earns, even though only a slight 10K less………every cent you can save is better in your pocket and not the taxman’s!!!!

I also agree, option 2 of Derek’s is good, if you really must sell, try and offset the profit with losses from elsewhere if possible.

I have included a link that may help as a guideline to how much CGT you may be up for, and which formula would be best suited in calculating the CGT.

http://www.cch.com.au/cgi-bin/cgt00isapi.dll/

Cheers,

Jo
P.S. I parted with 77K last week thanks to CGT. [blush2][angry2][bawl] Oh well…..

Good to hear,

Without knowing all the legalities/rules etc for FHOG it would be wrong of me to say for sure, as my info is not accurate, however please seek expert opinion in this matter. As your brother is buying into the property as well, no doubt he will be arranging legal paperwork, so ask your solicitor at the time about the possibilties and he may be able to shed some light, if not, at least he can direct you to those who can.

Good luck, and congrats on your (18th share of the) new home.

Cheers,

Jo

Hey there SIS,

Here’s a tenancy agreement of a different kind, that may put a smile on your face at the same time.

I am a tenant…..

I paid entry costs (or at least my parents did) when I arrived to my new place of residence, I will have to pay on termination of my lease, and am continuing to pay all the way through (i.e. taxes, bills, food, etc etc etc). I can sub-let and bring others in with me, I can choose to stay or go, however should I choose to leave, I cannot return.

My landlord, the big guy upstairs, and my housemates/roomies are people just like you.

Our lease here is infinite, so let’s make the most of it by being kind to each other and work together towards a harmonious co-habitation for all.

Jo
P.S. Oops, forgot to add……Me personlly; I moved out of home at 17, rented for 6 months while I was looking for a house of my own, and then bought my first PPOR two weeks before my 18th birthday.

Absolutely!!!

And you are more than free to speak your mind, draw from your experiences and state your case, however insults and inciting comments are both disrespectful and unwarranted.

IMO correct forum etiquette is expected and appreciated by all who participate on this webiste.

Jo

Congrats Lucifer_au, [thumbsupanim]

You certainly deserve a prize; that’s a commendable number of posts!!! Well done!!!! BTW if you could to pick one, what sort of prize would you like????? [blink][tongue][upsidedown]

Cheers,

Jo

Touche Melbear,
Guess we’re (you with your leaded and me with my unleaded) cokes, are DOOOMED!!!!!!
[laugh4][rolleyes2][rolleyes4][rolleyes5]