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Viewing 12 posts - 1 through 12 (of 12 total)
  • Profile photo of www_ericwww_eric
    Participant
    @www_eric
    Join Date: 2009
    Post Count: 25
    April 10, 2015 - 8:55 am

    Thank you Terry and Scotty,

    I have read some articles and I think that Terry is right. Probably I should change my accountant :( not very happy that she gave me wrong information..

    Any good accountant in Sydney you could recommend?

    so technically to calculate CGT in my case. Please let me know if I am wrong

    Total ownership period: 6 years (year 2010 – 2016)

    Temporary Absence rule applied to the period year 2014 – year 2016
    During year 2010 – year 2014 I occupied 2 rooms and rent out 1 room. The tenants use 33% of the property
    So there is 4 years CGT

    Sale price: $990,000 (year 2016)
    Purchase price: $590,000 (year 2010)
    Cost base (valuation): $790,000 (year 2014)

    Initial capital gain:
    Use cost base in year 2014
    $790,000-$590,000= $200,000

    Pro-rata capital gain: $200,000 X 33% = $66,000
    50% CGT discount: $33,000

    An apartment bought in joint name with my wife. so 50/50 when calculate tax return
    It will be $16,500 as my capital gain income in that year

    The above example I did not include cost of owing and improvement

    Is that right? Really appreciate if anyone can give some inputs. Thank you

    Eric

    Profile photo of www_ericwww_eric
    Participant
    @www_eric
    Join Date: 2009
    Post Count: 25
    March 4, 2014 - 9:36 pm

    Thanks so much Richard. I feel more confidence about this company.

    Profile photo of www_ericwww_eric
    Participant
    @www_eric
    Join Date: 2009
    Post Count: 25
    June 28, 2012 - 6:38 am

    JD,
    that is alright.

    I thought a family can only get FTB A or B (or nothing like me). How can you get both?

    Profile photo of www_ericwww_eric
    Participant
    @www_eric
    Join Date: 2009
    Post Count: 25
    May 29, 2012 - 4:11 am

    Thanks for the reply.

    There are Family Tax Benefit Part A and B.
    From what I understanding,
    A is for family’s adjusted taxable income for this financial year less than certain amount.
    B is for families with one main income, where one parent stays at home to care for children full-time.

    So basically I cannot get benefit A.
    As the properties under both names, they consider that my wife gets income from rents (investment). so I cannot get B.

    Please let me know if i am wrong. Thank you

    Profile photo of www_ericwww_eric
    Participant
    @www_eric
    Join Date: 2009
    Post Count: 25
    March 19, 2012 - 10:08 pm

    Thanks everyone.

    I will talk to my broker to restructure my loans.

    Profile photo of www_ericwww_eric
    Participant
    @www_eric
    Join Date: 2009
    Post Count: 25
    March 19, 2012 - 3:45 am

    Thanks Shane.

    As originally I lived P1, I paid interest and principal. I did not change the loan structure after I moved to P2.

    I thought it will be a good idea to pay interest and principal because I can pay off faster.

    But from reading articles, it seems not a good strategy for investment.

    Profile photo of www_ericwww_eric
    Participant
    @www_eric
    Join Date: 2009
    Post Count: 25
    April 8, 2010 - 12:34 am

    I live in Sydney area. just got quote $580…..a bit expensive. But very fast response.

    Profile photo of www_ericwww_eric
    Participant
    @www_eric
    Join Date: 2009
    Post Count: 25
    March 31, 2010 - 4:33 am

    Pls count me in. I live in Hurstville

    Profile photo of www_ericwww_eric
    Participant
    @www_eric
    Join Date: 2009
    Post Count: 25
    February 16, 2010 - 5:10 am
    Dan42 wrote:
    If you are not declaring the income, then you can't claim the expenses.

    Depending on other factors (what rent is being charged, did you advertise for the tenants,) the ATO may declare this income  as board instead of rent, so you wouldn't have to declare it as income.

    Yes, that is why I want to find an Accountant to check for me.
    what is the best for tax return
    should I declare those rents as my income or not so I can get the most tax return

    Profile photo of www_ericwww_eric
    Participant
    @www_eric
    Join Date: 2009
    Post Count: 25
    January 29, 2010 - 3:15 am

    Thanks for the suggestions.

    Also, I am moving to a brand new 3 bedroom apartment. I plan to rent 1 or 2 rooms out. Can this apartment consider as an investment property?  Can I claim for depreciation?

    cheers

    Profile photo of www_ericwww_eric
    Participant
    @www_eric
    Join Date: 2009
    Post Count: 25
    June 25, 2009 - 9:23 am

    Thank you everyone. It is really helpful.
     
    So it will be better not touch the redrawn money. or at least setup different loan accounts.

    cheers

    Profile photo of www_ericwww_eric
    Participant
    @www_eric
    Join Date: 2009
    Post Count: 25
    June 24, 2009 - 11:25 pm

    Thank you Richard,

    So can I use the redraw found ($10K) as 5% deposit?
    Kind Regards,

Viewing 12 posts - 1 through 12 (of 12 total)