Yes, the prior year loss is carried forward and can offset future years income

Just an idea, if the terms of the contract allow it may be possible to sell your interest in the contract to another party such that someone else is responsible for settling the contract at its execution price.

Say the contract is due to settle in 6 months for $500K and you have paid your 5% deposit being $25K, meaning there is still $475K due.…[Read more]

If you have a commercial property you could consider moving that via in-specie super contributions into your superfund (if you have a SMSF). If you have a switched on accountant they should be able to come up with a strategy to move it in a tax effective way. Once in a SMSF, if you are in pension phase, the income on the property will be tax…[Read more]

JDL,

In terms of investing in anything, whether it be property, shares, term deposits etc, whether it’s inside or outside of super, you need to evaluate each invest on its merits, i.e. is what you are investing in going to give you a suitable return compared to your initial investment.

The next thing you need to ask yourself, is does the…[Read more]

Hi Eric,

If you choose to treat your 3 bedroom apartment as your main residence, as you have owned the property for less then 6 years, I would have thought that there wouldn’t be any CGT issues. I haven’t found any examples of when it is partially rented, however I don’t see how this would make a difference. You can claim the 6 year exemption…[Read more]

Hi Ananth,

What is it that you are planning to do? Are you building a house/ units and then looking to sell shortly after? GST only generally applies to the sale of new residential properties or commercial properties. Your accountant would be best suited to talk to you about this one. It best to spend a bit of time getting this right, as any…[Read more]

Blocka,

As I read it above, White House Financial Services is not actually your real estate agent, is this correct? What role do they play in managing your property if you have a real estate agent?

If you want to try track them down for the $ you can do an ASIC or ABR register search if you have the company ACN or ABN. If the company has…[Read more]

Hi Fudge,

The reason that I suggested the offset account was if you choose to buy another property in the future i.e. when your current PPOR becomes an investment, if you have an offset account in place, you can use the excess funds in that offset account to purchase your new PPOR, thus maximising the deductible interest that’s left behind on the…[Read more]

Hi Fudge

As Jamie suggests your accountant is the best person to talk to as there are plenty of variables. However a couple of things to consider from a tax point of view are:
– Do you and your wife have different taxable incomes or are they similar?
– When you PPOR eventually becomes an investment, do you plan to rent it out or perhaps…[Read more]