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  • Profile photo of snowboardersnowboarder
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    @snowboarder
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    Post Count: 23

    Hi

    i do not know the answers to your questions but do you think it is a wise move moving your residence into the trust ?

    doing so you will give up your right to no CGT, if you ever wish to sell that place. if you do not put it in the trust you do not have to pay cgt when you sell. as it is your principle place of residence PPOR.

    maybe others can help you with your questions

    Profile photo of snowboardersnowboarder
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    also they will not do loans with trusts.

    which is a bit of a bummer when i guess most people on here would like to buy multiple properties and trusts are the best way to go for this situation.

    Profile photo of snowboardersnowboarder
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    hey redwing

    there are even sneakier ways of doing it as well.

    i did not want to put it all in the one message as it could confuse some people.

    what you can do as well is transfer money out of say you cba cr card for a couple of days to a savings account get a statement from the cba showing you with the money taken out of you account fax that to citibank when you are doing the transfer then put the money back into your credit card.

    this is what i did once when i was just short of enought points for me and two mates to go to nz.

    free trip to nz for me and two mates and we loved it,
    awesome week skiing

    Profile photo of snowboardersnowboarder
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    Hi yack

    1.) yes i do pay it off, but do it over a couple of days so they do not pick up on what iam doing. I also make it odd amounts so it looks more realistic like i have money coming in.

    2.) No, i am using the same credit card. all i am doing is transferring the outstanding balance from one card to another. and by me bringing the balance over from another financial institution to citibank. they are earning intrest off me from day one.
    but there offer for you to do this is offering you one frequent flyer point for each dollar brought accross. and if you close the other credit card they will give you 2 points per dollar transfered.

    i only do the 1 point that way i can keep doing it throughout the year.

    click on the below link, then click on learn more on one of the cards, then click on bonus reward points and it will tell you all about it

    http://www.citibank.com.au/portal/citiau_home_center.jsp?frameval1=AU2HeroProm3&menuID=AU2leftNavCards

    Profile photo of snowboardersnowboarder
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    Hey guys

    if you want to know away to earn double points for everything you spend on a credit card. ill let you know what i have been doing.

    So far i have had free trips to New zealand, melbourne, adelaide and thailand.

    I have two credit cards a CBA Gold card and a Citibank gold card. I work my cba one to the max lets say the amount $10,000. so i get 10,000 points from cba.

    then i get citibank to pay off my cba credit card ie they take on the balance and give me 10,000 points aswell. and if i was to close my cba card, citibank would give me 20,000 points. If you leave the cba account open, you can do this transfer 12 times a year.

    basically all you are doing is transfering your balance from one card to another but getting extra points for what you transfer.

    you obviously still have to pay the money back though.
    The only problem with doing this is that when you transfer the balance you are charged intrest from the first day. however if you are about to pay the balance, off this does not matter.

    i have accumulated approx 250,000 points doing this and have taken mates to new zealand. i think it is a little ripper.

    Profile photo of snowboardersnowboarder
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    Hi everyone

    Uranehan’s question has actually happened to me.

    I bought a property 50/50 with my mother when i was 18, about 9 years ago in 1995. but i was not intitled to the grant because my mother had allready owned property. we have never lived in this property it has been purely an investment property. i bought my mother out of her share last year.

    i also bought another investment property off the plan in 2003 which is not completed yet. but that is only in my name

    mortgage hunter and SIS are you saying that i would still be entitled to the FHOG. If so i am totally stoked as i am looking at buying a property to live in very shortly.

    quote:


    Hi UraneHan,

    If a mother or any person, has had an interest in property before, other than IP after July 2000. They are not elgible for the FHOG, in this case.

    Though if the mother decides to purchase a property in joint ownership with her son, its conflicting interest, as she has had an interest in property before hand. In this case, the son would not be able to access the FHOG.

    The best way to service and recieve the FHOG, is to purchase the property in the son name, and the mother can be the guarantor of the property, In this case, the son is eligible and is able to access the FHOG.

    cheers,
    s.i.s

    “People 4 get that by saving just $3 aday & investing it sensibly over a working life, you’ll end up wit around $1 million.”


    Profile photo of snowboardersnowboarder
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    why would the nz government give you a credit for a tax paid in oz, ie for capital gains tax, when they do not charge it in nz.

    quote:


    quote:


    you say nz has no capital gains tax !

    will the aussie government tax you when you bring the money back into the country thoe ? ie will they tax you as money earnt overseas ?


    the short answer is yes, although you should get a credit for any tax already paid in NZ.

    regards,

    Rod.


    Profile photo of snowboardersnowboarder
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    quote:


    Hi

    everyone, thanks for the info.

    I did a little bit of research myself aswell. I guess google is a great thing. anyway i know i posted the question but if anyone wants to know what i found out for there own knowledge i will add a link below. The page outlines when the tax takes into effect etc, rates that will be charged blah blah blah

    http://www.ipac.com.au/ipac/ipac.nsf/AttachmentsByTitle/Explain_LandTax.pdf$FILE/Explain_LandTtax.pdf


    Profile photo of snowboardersnowboarder
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    thanks for the help,

    although i am still a bit confused.

    My parents have been living in there residence for approx 5 years. from what i read earlier on in another forum on this site. you are meant to pay land tax annually.

    My parents property is worth approx $600,000 but they have not had to pay land tax at all since living here.

    I also own a unit had it for approx 8 years, worth approx 320,000 havent had to pay land tax.

    also just bought another property off the plan, they stated i had to pay land tax, but my accountant go them to pay it for me.

    so basically is land tax a one off thing, an annual tax etc. and why havent ie myself and my parents been charged it previously.

    cheers

    Profile photo of snowboardersnowboarder
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    Thanks for that julian

    i will let you know if i do not go ahead with it.

    cheers and all the best

    Profile photo of snowboardersnowboarder
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    hey wildy

    where did you see the majority of them, i dont expect you to tell me the location but the area or region wouldnt be bad.

    cheers

    quote:


    [:P] Hi All
    I recieved Steves book on Xmas day and Im only on page 92, I was in Canberra from the Sunshine Coast on our HOLS We drove back up and I found Several properties in regional places there that were massively +ive geared!!!
    [:D] [:D] [:D] I’M EXCITED [:D] [:D] [:D]
    KEEP LOOKING they are out there!!
    Cheers D


    Profile photo of snowboardersnowboarder
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    thanks for that mel, thats great.

    but like mel said if anyone else with commercial holdings can give me more specific info that would be great.

    cheers, thanks again mel

    Profile photo of snowboardersnowboarder
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    Hi si

    you say nz has no capital gains tax !

    will the aussie government tax you when you bring the money back into the country thoe ? ie will they tax you as money earnt overseas ?

    cheers

    thanks for the help

    quote:


    Hi Lynchy,
    I’ve been keeping a close watch on the NZ property market for the last couple of years and it offers some prime investing. Key areas are Auckland, Queenstown and other tourist hotspots such as Nelson and Wanaka. Auckland has large population growth so capital gains are excellent and NZ has no capital gains tax to boot! The timing is good as NZ is currently in the boom that OZ appears to be just coming out of.
    King regards,
    Si


    Profile photo of snowboardersnowboarder
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    quote:


    Hi Lynchy,
    I’ve been keeping a close watch on the NZ property market for the last couple of years and it offers some prime investing. Key areas are Auckland, Queenstown and other tourist hotspots such as Nelson and Wanaka. Auckland has large population growth so capital gains are excellent and NZ has no capital gains tax to boot! The timing is good as NZ is currently in the boom that OZ appears to be just coming out of.
    King regards,
    Si


    Profile photo of snowboardersnowboarder
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    Hi ryanmel

    is there a specific period of time you need to live in your property before you rent it out so you can use the 6 year rule.

    for eg i buy a house live in it for 6 months move out and want to use the 6 year rule to avoid capital gains tax. ie i sell it 4 years after i moved out.

    cheers

    quote:


    Hi ryanmel

    First question is whether or not you would be happy to move? Also whether you want to go from being able to put as many holes in your walls as you like, to having to ask if you can put any holes in at all to hang pictures etc. Also the chance of having to move on every couple of years as your landlord decides to sell/move in/renovate etc. etc.

    If you do decide to move out and rent, and rent your place, remember that you could keep it as a rental for 6 years before it would become subject to CGT. If it’s in a good growth area, perhaps it’s a good idea to keep it.

    As Steven suggested, you could get a LOC, or an offset account against your home, and use it to fund the deposits on your new IPs, only borrowing 80% against them. This may increase your repayments, but if you focus on your portfolio being positive, rather than individual IPs, it could be a good balance (remember, you are getting rent for your house, against which there is no loan).

    Also, if you sell, you’ve got all the selling costs, so that will take a chunk of your cash anyway.

    Cheers
    Mel


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