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  • Profile photo of pwinnepwinne
    Member
    @pwinne
    Join Date: 2006
    Post Count: 81
    May 26, 2013 - 10:31 am

    Hi guys,

    The orders were designed to protect X's litigious earnings.

    The court knew that the passing of property and cash assets would send me bankrupt – and ordered me against doing so. The only debts left are unsecured.

    There are 2 parts:

    1. I am not to declare bankruptcy and/or commit and act of bankruptcy or present a debtors petition

    2. I am not cease my employment

    The family court is a farce – so none of this is a surprise.

    My initial question is – if ING HAD secured property, and through sale are left with a loss (in this case 100k+), are they an unsecured or secured creditor.

    Cheers

    Profile photo of pwinnepwinne
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    @pwinne
    Join Date: 2006
    Post Count: 81
    May 22, 2013 - 1:31 pm

    hmmm, that's an interesting idea.. thank you :)

    Profile photo of pwinnepwinne
    Member
    @pwinne
    Join Date: 2006
    Post Count: 81
    April 19, 2011 - 11:27 pm
    Terryw wrote:
    Just ask ING to return your money. They will chase it up to the OSR or Gadens and return it to you. Ask for a bit extra to cover the lost interest as well.

    terry good advice, and have done so.

    MANY THANKS!

    Profile photo of pwinnepwinne
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    @pwinne
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    Post Count: 81
    April 18, 2011 - 10:05 am

     – buy another house and pre-pay the interest for the 1st year.
     – increase your life insurance/income/trauma etc and pre-pay for the the year
     – take out a stocks investment loan and pre-pay for the year

    Profile photo of pwinnepwinne
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    @pwinne
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    August 2, 2010 - 10:45 am

    try this

    http://www.sahben.com.au/files/gladstone_article.pdf

    Profile photo of pwinnepwinne
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    @pwinne
    Join Date: 2006
    Post Count: 81
    July 11, 2010 - 5:14 am

    I agree with wealthforlife; I will add however that homes off the plan in capital cities (with 10-20km) of the CBD seem to have higher prices than that off outlying suburbs or large regional towns. Having said that, the capital growth in these areas is not as great.

    I have bought in the last 12 months 2 places off the plan that were cheaper that 5 year old counterparts in Ballarat…

    DYOR

    Profile photo of pwinnepwinne
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    @pwinne
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    June 27, 2010 - 11:40 pm

    thx gents for your responses.

    I need to talk to my accountant.

    cheers

    Profile photo of pwinnepwinne
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    @pwinne
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    Post Count: 81
    June 27, 2010 - 1:00 pm

    Terry,

    So If I acquired a new property in November 2007, I assumed that the old place ceased to be my main residence.

    I also assume that the CGT is based on the value igrowth between November 2007 and Ausgust 2010.

    ..

    Profile photo of pwinnepwinne
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    @pwinne
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    Post Count: 81
    June 27, 2010 - 12:12 pm

    hmmm, thx Terry.

    I have a dilemma, time to hit up my accountant. thx for all the responses.

    cheers

    Profile photo of pwinnepwinne
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    @pwinne
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    June 27, 2010 - 7:39 am

    i should add my wife hasnt done a tax return in 8 years… no PAYG income..

    Profile photo of pwinnepwinne
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    @pwinne
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    June 27, 2010 - 7:37 am

    I'm confused… sorry :)

    As far as the tax department is concerned my old home can be declared as PPOR, until I sell it, which I'm doing (correct me if I am wrong)

    I'd planned to declare the capital gain from November 2007 – August 2010, which may be 100k (or 50k if the 50% CGT discount is applied); and stating that my

    Just out of interest does the ATO has some consideration for couples regardless of the 'actual' ownership situation..??

    None of these houses have my wifes name on the title – my wifes house did not have me on title.

    cheers

    Profile photo of pwinnepwinne
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    @pwinne
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    June 27, 2010 - 6:41 am
    crj wrote:
    pwinne wrote:
    It was sold in early 2008. We didnt, or havent claimed any exemption.

    I was hoping that MY old PPOR was considered as such until I moved to the house we are in now, in November 2007.

    Valuation may be an issue…? I dont think I have one for that specific date frame.

    Cheers

    Unless your wife has shown a capital gain on her house in her 2008 tax return, then effectively the exemption has been claimed. and your current PPOR that you moved into in 2007 will not be exempt either from the period to the date of the contract of the sale of the house in 2008.

    so none of the below applies??

    http://www.ato.gov.au/content/downloads/NAT4151_07.pdf

    page 74

    "Home ceases to be the main residence and is used
    to produce income for one period of six years

    Lisa bought a house after 20 September 1985, but
    stopped using it as her main residence for the 10 years
    immediately before she sold it. During this period, she
    rented it out for six years and left it vacant for four years.
    Lisa chooses to treat the dwelling as her main
    residence for the period after she stopped living in
    it, so she disregards any capital gain or capital loss
    she makes on the sale of the dwelling. The maximum
    period the dwelling can continue to be her main
    residence while she used it to produce income is six
    years. However, while the house is vacant, the period
    is unlimited, which means the exemption applies for
    the whole 10 years.
    In addition to this, as the dwelling is fully exempt because
    Lisa made this choice, the home first used to produce
    income rule does not apply"

    Profile photo of pwinnepwinne
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    @pwinne
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    Post Count: 81
    June 27, 2010 - 1:02 am
    crj wrote:
    What has happened with your wife's house you moved into?  If this has been sold and your wife has claimed the PPOR exemption, then your POR exemption will only be until you moved in.  If it has not been sold then you and your wife need to look at whether half the PPOR exemption should go to both houses or the whole to one house.

    The second issue is that your original PPOR needs to be valued at the date you moved out rather than the date you got another PPOR in 2007.

    Hi,

    It was sold in early 2008. We didnt, or havent claimed any exemption.

    I was hoping that MY old PPOR was considered as such until I moved to the house we are in now, in November 2007.

    Valuation may be an issue…? I dont think I have one for that specific date frame.

    Cheers

    Profile photo of pwinnepwinne
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    @pwinne
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    April 15, 2010 - 2:07 am

    waiting for the crash so you can buy huh?

    good luck – IF, and I mean IF a crash comes I suspect those waiting for the big 50% saving will miss out because the crash will most likley be caused by

    higher IRs > 10%
    banks will need a high deposit
    high unemployment

    good luck getting a loan. be careful what you wish for

    Profile photo of pwinnepwinne
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    @pwinne
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    April 15, 2010 - 2:00 am

    Hi Richard,

    I don't know if your offer is still open for reports, if it is, could you please send one to [email protected] for

    835 Humffray St, Ballarat (Mount Pleasant)

    It was last sold as 1 LOT but has been subdivided (plan of sub-division)

    cheers

    Profile photo of pwinnepwinne
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    @pwinne
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    April 12, 2010 - 1:34 pm

    I've bought a few IPs in ballarat ALL +pve geared.

    I buy under 200k and love it. Not the same appreciation as melbourne, but ho hum they are paying themselves off.

    actually in ballarat tonight hoping to make an offer on another IP here tomorrow!

    cheers

    Profile photo of pwinnepwinne
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    @pwinne
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    March 29, 2010 - 11:17 am

    Hi Matt,

    Thank you, that has answered my question.

    Cheers

    Profile photo of pwinnepwinne
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    @pwinne
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    Post Count: 81
    March 26, 2010 - 1:55 pm

    try mortlake, victoria

    http://www.realestate.com.au/property-house-vic-mortlake-106262297?tm=1269611649&c=36470653&t=res

    Profile photo of pwinnepwinne
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    @pwinne
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    August 27, 2009 - 1:10 pm
    sophieh wrote:
    People bought in Frankston North for 60-80 2 years ago?? That's a pretty big exageration isn't it or perhaps you are missing the 1 in front. A friend of mine bought in Frankston North about 6 yrs ago for 100k (burnt out inside) spent about 50k fixing up and could possibly sell for about 250-270ish now.. that admittedly is pretty good.

    yes you are correct I did leave the 1s off. People were paying 150-180k for a unburnt house a couple years ago  and most houses there are over 250k now.

    Cheers

    Profile photo of pwinnepwinne
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    @pwinne
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    August 27, 2009 - 12:50 am

    Frankston North hey, and people were laughed at when they bought there for 60-80k 2 years ago.

    They are going for 250K+ now.

    Its not the area you should worry about its the % return.

    I have many houses between Chelsea and Frankston (not in Frankston admittedly) as I went out to Dandenong last year when prices dropped.

    Frankston is a large diverse area. I'm surprised no one has mentioned the high school zoned areas which are highly sought after and will continue to do so as Frankston High School is considered one of the best public schools in the state.

    Also Frankston South is within reach of one of the most prestigous schools in Australia being Toorak College.

    Its worth a good look.
    Cheers

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