even if you do not claim the depreciation it would needed to be added back for CGT purposes. It is only the capital works deductions too.

Why not call BMT or depreciator describe your property and they will tell you if they think it worthwhile getting one.

no.

Yes CGT would be assessed at market value.

What state is the property located in?

A tax agent or lawyer would be the person to get this advice from.

If you sold 50% to her and she later sold this 50% for less than the cost base there would be a capital loss.

What are you trying to achieve with setting things up like this and planning to change mid stream? Or have you already settled on the property?

I am not an accountant, but here are my answers

1. maybe. I would suggest you avoid joint loans completely.
2. not so clear cut because you would be borrowing to pay out a spouse’s share of the loan and she didn’t use her loan to purchase an income producing asset.
3. depends how you transfer. Assuming your loan was deductible to yourself in full…[Read more]

Just tread it the same as you would buying off a stranger. Make sure there is a full written contract and use separate lawyers.

The land under the second house would not have been the main residence since its acquisition.

The 1 year only relates to the 50% CGT discount – which would be calculated from the date the land was acquired usually.

Many brokers have access to that product under different labels. There is a product ruling from the ATO saying that Part IVA won’t apply. But just check that the names on the product ruling match the names for the company offering it to you.

There is a VIC case, from memory, where the SRO took on a person in a situation like this, based on the amount of electricty usage.

I suggest you read the act in full. You are not being prosecuted at this stage, and they may not be able to prosecute because of time limits.

This rings a few alarm bells to me:
students
CBD
warehouse
apartment.

What does it return after all expenses, including 105% borrowings, and how much do you expect it to grow in 5 years?

The accountant is wrong.

The 6 year rule relates to absences.

where you split the land of the PPOR and end up with 2 houses the main residence exemption can only apply to one of those houses at any point in time. The portion of the land and construction cost for the new house cannot be eligible for the main residence exemption (until after…[Read more]

Yes it is just like you are borrowing in your own name.

Commercial. Substantially renovated property. residential in some instances can all be subject to GST.

If the property is residential housing, not new, then GST probably won’t apply. Best to ask the vendor to remove the clause if that is the case.

Yes a lawyer can advise on this.

I have read that book and found it so full of holes it is not funny. The author doesn’t appear to be a lawyer and completely misses many areas that need considering while making mistakes various aspects that she does mention. I wouldn’t recommend it.

1. contract generally. If you have contracted just to buy land than generally the land price. If it is a house and land package then the price of the house and land.

2. stamp duty and tax by yourself and stamp duty by the new purcahser too

Seek legal advice

If the property is subject to GST then you would have to pay the vendors 10% extra. an extra $50k in your example possibly.

You had better seek legal advice before signing this.

actually I think you can almost unscramble an egg – I heard a recent story about scientists being able to unboil a hard boiled egg.

http://www.popsci.com.au/science/scientists-figure-out-how-to-unboil-eggs-,399671

If you can sell and make money then it may be worth considering, but there is a fair bit of risk involved. What if values drop and you cannot sell for example.

you can’t unscramble an egg.

Money paid into the loan cannot be unpaid (well it can be but the tax consequences cannot be undone).

If you want to reuse that $20k you should split the loan into the 2 portions = $20k and the other. Don’t simply redraw it first.

Once split you can then redraw the $20k and use it for either a private expense, with…[Read more]