"or intend to be a bit more active and buy a couple more before it is completed." ???? Bwhahaha….give me a break. I've gone from "absolutely confused" to having a small sense of what's going on now in only a day. One shall do for now – baby steps for this amateur The OTP completion date is early 15, will just save & invest some cash before…[Read more]
Had thought about the bank guarantee, I guess similar to a Long Term deposit Bond??? The deposit was only 5%, so 25k, bugger all really. I believe I would get the interest on that from the developer anyway. I will pass the info onto my wife anyway as she had mentioned it as well.
I guess the end goal is to have the prop/s in my wife's name so that I don't lose half the rent in tax. It wasn't till I came on shift tonight and saw the first post by jfk_0 where he split my wife and I that the penny dropped! A bit further down TerryW confirmed that I finally saw the forest for the trees I should be able to swap the…[Read more]
Thanks everyone for your comments and advice. I was aware of the stamp duty & cgt but figured she could claim the stamp duty.
I hadn't also thought about buying the property in my wife's name considering she has half the house anyway, good point! I will look into that this morning!
I'm looking at a 10 year plan and tax minimisation given I earn >200k . As I stated previously I could buy 2 now and have them paid in 10. I could buy 1 now have it paid in 5, give that to the missus then start again for another 5.
The end goal is to pay the least amount of tax I can and own both outright at the 10 year mark. In either…[Read more]
Forgot to add, the unit is in Qld and we also live in Qld.
As for would we ever purchase another house, at this stage I would say no as we a very happy with what we have & the location. Eventually we will downsize but I don't think we would move in the next 10 years. Our own house was our nest egg, no cgt to be paid we'd figured. it's…[Read more]
Hello thereThe reason this all came about was that I work o/s and up until 1 July enjoyed the freedom of tax free pay under the 23AG ruling. Now that the %&*$%*@! gubberment in their infinite wisdom has abolished that, I started looking at other options. One of these was becoming a non-resident for tax reasons and therefore transferring all…[Read more]
Thanks all for the info. Perhaps a divorce, change of assets, then remarry is on the cards…..Wonder if there is a minimum time between a divorce and remarry? Could turn the "paying the house off holiday" into a honeymoon, hehe.
Many thanks for the reply Elka.Just spoke with a bloke who arrived onboard today and he mentioned most of what you had above there. I will be following this up with someone who has expertise in this field. Just have to fins someone in the Brisbane/GC area now.CheersPaul
Hi TerryThanks for the reply.I am and have always been a resident for tax purposes. Last financial year I worked fully o/s and did not have to pay tax back here, still had to lodge a tax claim though.Will be looking around regardless for a good tax guy/ accountant, just thought I would get some info here first.Cheers Paul