Cheers mate!

"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]

Hi Richard

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.

Cheers Paul

Qlds007 wrote:
Hi Paul

No hate to say she cannot claim the Stamp Duty as a Tax deduction as it is added to the Cost Base for Capital Gains Tax purposes.

Mortgage Stamp Duty is deductible as a loan cost however there is no mortgage stamp duty in Qld.

Cheers

Yours in Finance 

Hi Richard

No worries, see my above, will buy it in her name…[Read more]

Hi Jacqui

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!

Hi Jacqui

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]

Hi Jamie

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]

No one knows how the $%#@&*@ are going to implement it. Losing 50K a year, in one scenario, is a powerful motivator….

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 : ) CheersPaul

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 

Anyone