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  • Profile photo of PTWPTW
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    December 30, 2013 - 3:26 pm

    Cheers mate!

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    December 29, 2013 - 7:29 pm

    "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 then.

    Thanks heaps for the advice about the BG v's DB.

    Cheers Paul

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    December 29, 2013 - 6:48 pm

    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

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    December 29, 2013 - 6:04 pm
    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 from the start. So glad I jumped back onto this site yesterday!!!!!!

    Cheers Paul 

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    December 29, 2013 - 6:01 pm

    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 contract over with minimal fuss given it was done just prior to Xmas.

    The purchase of the property itself is not an issue, I am happy with that decision.

    Cheers Paul

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    December 29, 2013 - 3:32 pm

    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!

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    December 29, 2013 - 2:39 am

    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 scenario, would I be better to have my pay offset the loan from the start or give my wife the extra so she can invest thru other means, then get it back off her to pay out the loans later? This initial property is off the plan so I believe there are good depreciation to be had there and I would likely do the same again.

    Cheers Paul

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    December 28, 2013 - 10:34 pm

    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 probably ~900K. Shares are in my non working wifes name too.

    Cheers Paul

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    July 9, 2009 - 1:31 am

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

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    July 8, 2009 - 11:51 pm

    Hello there

    The 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 assets. A simpler way would be to get divorced….There are other options which have come to light, so at this stage I won't be transferring anything. Thanks for all advice and continue to use this thread for whatever benefit suits you : )

    Cheers

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    July 8, 2009 - 1:27 am

    Thanks all for the info : )

    Cheers
    Paul

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    July 2, 2009 - 6:18 am

    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.

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    May 5, 2009 - 11:45 am

    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.

    Cheers
    Paul

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    May 4, 2009 - 11:35 pm

    Hi Terry

    Thanks 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 

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    May 3, 2009 - 12:51 am

    Anyone

Viewing 15 posts - 1 through 15 (of 15 total)