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  • Profile photo of st81hp79st81hp79
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    @st81hp79
    Join Date: 2010
    Post Count: 35
    March 9, 2011 - 11:36 am
    Scott No Mates wrote:
    Transferring your last IP may not trigger cgt but you will be liable for stamp duty. You will need to have your trust set up prior to signing your contract of sale.

    Hi Scott,
    My apologies, sorry I meant stamp duty.
    Let's say if I was to sell my last IP property to the trust can I sell at any price? or does it have to be market value?

    Profile photo of st81hp79st81hp79
    Member
    @st81hp79
    Join Date: 2010
    Post Count: 35
    February 14, 2011 - 4:28 am

    Hi the crest,
    Oops!.., don't know why it did'nt post.
    It seems like we are in the same postion "need to change accountant".
    My accountant has looked after our business for 8 yrs and my parents for 20+ yrs.He has work together with our  family for a long time, and known him to be as  a member in the family.
    "Yes"  I  feel same in your situation guilty to a friend. I have spoken to him many time regarding about my future goals and the topic trust/ company,whether if it is beneficial from me. He  dose'nt seem to understand my situation.

    Sorry have'nt solved your problem, just sharing the same experience with my accountant

    All the best!…Hope you've find the accountant you are looking for..
    It's ashame Richard Taylor is not from Melbourne..   :(

    Profile photo of st81hp79st81hp79
    Member
    @st81hp79
    Join Date: 2010
    Post Count: 35
    February 3, 2011 - 11:55 pm

    This report has given me a indication of the price range, thank you soooo much!!!!!
    EXCELLENT work!! Speedy prompt service.     .

    Once again thank you, hope to do business soon…..
    Will highly recommend you to my family and friends…

    Profile photo of st81hp79st81hp79
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    @st81hp79
    Join Date: 2010
    Post Count: 35
    February 1, 2011 - 2:40 am

    Hi Micheal,
    I have purchased a block of 2 units before and  done huge reno to the property.
    But I have'nt purchase anything on a 10% dep B4 using my dep funds from a equity loan.
    I have read plenty of books and attended property investing seminar they all have the same quotes" Savers are Loser" us other people money to make money.

    I have tired to call the 1300 74 5626 it's sounds like it's not your direct contact number

    Cheers Jan

    Profile photo of st81hp79st81hp79
    Member
    @st81hp79
    Join Date: 2010
    Post Count: 35
    February 1, 2011 - 2:12 am

    Congulations on joining the forum,

    I am the same! long time reader, post for the first time yesterday.

    Justifying using the "Absence Rule"

    The 'six-year absence rule' is simply a choice.You don't have to have a good reason for your absence, such as being transferred in your job. Section 118-145 simply says in subsection (1) "If a dwelling that was your main residence ceases to be your main residence, you may choose to continue to treat it as your main residence'. So it's clealy your choice.
    Subsection (2) limits the time period to individual periods of a maximum of six years if the property is earning income and subsection (3) points out that if you aren't earning income the exemption can cover the property indfinitely.The only condition is in subsection (4), stating thst you can't treat any other dwelling as your main residence during that time except for the six- month overlap rule'
    This  information is from an article that i have saved on my computer.( 1997 Income tax Assessment Act.)

    Hope it helps….
     Cheers..

    Profile photo of st81hp79st81hp79
    Member
    @st81hp79
    Join Date: 2010
    Post Count: 35
    February 1, 2011 - 12:45 am

    Thank you for your helpful replies,
    My 2 previous IP is with Westpac. I took a $120,000 equity loan from my first IP with westpac.
    to fund a deposit for my next IP which will be with CBA.
    This time I am interested in purchasing a block of units which I only have enough for a 10% dep + stampduty
    We are looking for reno block of units,hopefully to only let us be in position sightly negative gear with a 10 % dep

    Profile photo of st81hp79st81hp79
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    @st81hp79
    Join Date: 2010
    Post Count: 35
    November 22, 2010 - 3:21 am

    Hi Anthony,
    I am new to the thread,I once was  interested in the US property market, I think you have to do your due diligence's very carefully.
    Things you have to consider

    1. Unemployment is very high in the US comparing to Australia. Rental is very competitive over there, you have to consider tenants moving in and out of the property in short term basis 
    2. CGT and individual tax income.( you have to get a account that specialized in foreign investing)
    3. Foreign investing also involves in the money currency
    4. American people are different. Your property manager will properly call an electrician to change a light globe than calling a handy man

    The US property burst has happened before,I not to sure if I could recommend books on this forum. but there are books out there how Australians brought US property back than during the earlier burst in think in 1980's.

Viewing 7 posts - 21 through 27 (of 27 total)
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