Hi, I have 3 questions
1. As a newbie to investing I want to know where I can find out about minimising my tax on capital gains.
2. My work colleague said that she didn’t have to pay capital gains when she sold. Is this because she lived in the property?
3. Can anyone recommend a good accountant who deals with property investment in Adelaide and can guide me to making the most money out of my property. My email is [email protected] should you not want to post any names on here
Thanking you
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Ms ElvisHi Ms Elvis,
There’s not much you can do – CGT is here to stay, and the ATO can see through, and has complete power to brush aside, artificial schemes to avoid it.
You’re right, your friend’s property must have been her PPOR. If not, I wouldn’t go around telling the whole world about it.
The only legitimate ways I know of to reduce your CGT liability is to hold the IP for at least a year before you sell (you get the 50% CGT discount, like I mentioned in my reply to one of your other posts), or to increase your cost base (which means that when you sell, your capital gain is less). The second option is a little too complicated for me to explain – I’m not an accountant.
Sorry – I don’t know any accountants in SA. Perhaps someone else can help.
Cheers
MA good place to start when trying to learn about minimising tax is the book shop. There are quite a few resources/books on tax and tax/truct structures.
Try Steve’s Wealth Guardian cd and book. Good Start/Product.
Pete
…Beware of the dreamtakers…
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