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  • Profile photo of snorkysnorky
    Member
    @snorky
    Join Date: 2004
    Post Count: 5
    April 5, 2004 - 10:47 pm

    Thanks for the advice fellow members. I am at a stage of confusion at the moment. I really would like to offload the IP and settle the debts once and for all as this will take a huge burden off our backs but at the same time losing an IP and in future wanting to re-invest, I don’t think i can find another with these conditions [confused2].

    I am currently paying approx $1k interest a mth on CR cards only…ouch!

    I do have enough in equity and that’s all we got. No savings no nothing.

    say on an existing loan of $100k (IP)….what would be the difference in savings between Interest only and I/principle?

    losted and confused.

    Profile photo of snorkysnorky
    Member
    @snorky
    Join Date: 2004
    Post Count: 5
    March 3, 2004 - 6:01 am

    Hi rachaelm15207 and co.

    My assumption regarding CGT exemption was not not to pay CGT at all but like you said rachael it’s until you sell the nxt prop. you invested in.

    Deferred CGT to re-invest does sound tempting [:D]

    off to the accountant I go!……thanks

    Profile photo of snorkysnorky
    Member
    @snorky
    Join Date: 2004
    Post Count: 5
    March 2, 2004 - 11:11 pm

    Thanks for all the help guys and gals. I have had this IP for the last 5 years so I will be in for a bit if I sell [8)].
    Moving off the topic, has anyone ever heard of CGT exemption? What I mean is that if you live in QLD and sell your IP and then re-purchase in QLD straight away (or whatever the allowed time period is) you will be exempt from paying CGT. I got this off an agent.

    cheers

Viewing 3 posts - 1 through 3 (of 3 total)