Forum Replies Created
Thanks for the explanation, hehe.
Yeah, it’s certainly the best time, financially, when you’re DINKs. That’s why I want to set us up now, whilst we CAN, before we have kids.
Anyone have any advice on this???
Thanks
foundation,
Thanks for your reply. When I say mine only” I mean “in my name only”. I am part of a partnership[ and I know what you’re suggesting, but I have no major concerns there. BUT, since you mention it, what have others here done about that subject?? Financial Agreements, Pre-nups, etc…
What are DINKs? I don’t know, it’s probably not but it sounds offensive LOL
1) how would we down down a large portion of our PPOR loan?
2) savings? we need to do the renovations NOW and at present we do not have enough savings to cover the costs of the renovations we want to do.thanks.
That’s another thing!
I can never get a hold of my tenant! When I leave messages, she doesn’t call me back! grrrr!
Can I just leave a message or send her a letter or fax saying “this when I’m coming around to take photos/building inspectors are coming through/etc “????pasandbec
Terry,
That would explain why we we chared for the re-finance. Re-finance loan was in my name only.
Jo,
OK, will do. Thanks.
Hmmmm,
Terry, Jo – I am starting to get a little confused again LOL
Deary me!
Thanks Woodsman,
Geez, I wish I had known about this site months ago!
You wouldn’t believe the s*!t I went through to try and find out WHY we weren’t exempt from Mortgage Duty (my solicitor told me we would be!)BTW, the Mortgage Duty was charged for BOTH the property we brought and the one we re-financed. That’s normal, right?
Woodsman,
Thanks for your reply.
In the link you provided is does not say that the Mortgage Stamp Duty does not apply to us.
Why do you say it doesn’t apply to us?
thanks
Thanks so much Jo!
Where I stand in relation to CGT is sooooo much clearer to me now, thanks for your help!
You obviously have alot of experience in this area and I really appreciate you taking the time to help me.
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?
I thought the 50% partner thing was a little strange that way, it makes more sense now, thanks for clearing that up for me.
Ugh! I thought I was confused BEFORE I posted! LOL
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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 first started renting it out to the time that I sell it.
Is this right?My tax accountant said that the CGT would be proportioned to the period that it was actually rented for, i.e. I have owned it for 2.5 years and it’s been rented out for 1.5 years of that time, which equals about 60%. Therefore we only pay CGT on 60% of the capital gain.
So for example…
I brought my place for $196,000
It will sell for around $296,000
Profit of $100,000
Capital Gain = say about $85,000 (after expenses, etc)
50% discount reduces it to $42,500 (for owning/living in more than 12 months)
60% of that is $25,500
divide by 2 (my partner’s half) equals $12,750
30% marginal tax rate (lower income) of $12,700 which equals $3,825 in CGT we have to pay???Is this right? [blink]
I wish this wasn’t so confusing!
pasandbec
Monopoly,
Damn! If I had known this, I would have sold my place in Canberra whilst we were still renting!! No fair! [angry2]
What if I moved back to Canberra and lived in the house for 12 months then sold it, how would that work then?
Thanks for your wisdom.
pasandbec
Monolopy,
It’s obviously a very confusing subject for all LOL
When you say I “nominated” our current residence as our PPOR, where exactly have I done that? On the loan forms?
The Canberra property IS in my name only.
Our current property, let’s call it the Orange property, is in BOTH our names.How do we work out my partner’s share of the property? 50/50?
Thanks for your input.
pasandbec
Don and Liz,
Thanks for your reply.
Probably not pay Capital Gains Tax, do you mean?
WHERE do I nominate one property? In my 2004-2005 tax return?
Do you mean, by getting cuahgt, buying and selling other homes WHILST my Canberra townhouse is rented out?
Or do you mean EVER? Because I did buy a unit in 2001, that I brought, renovated and sold for a profit (no renting out).
Thanks!
pasandbec
Burnie….
Do you mean a Tenancy Agreement?
If so, I have a copy of one I used for my tenant in my Canberra property.Just let me know and I can email it to you (it’s in PDF format).
pasandbec
