Hi Kay,
Yes my taxable income for last year was HUGE…the property which attracted the CG sold for a profit of well over 450,000, when added to my yearly income (wages/rentals) etc., ended up a tidy little sum. But luckily, my accountant did find a few legit deductions, but alas, [crying]not enough. I am okay with it, originally the bill was far greather!!!
But that’s cool….fairs fair I guess.
As for the second property, if we buy it, it will mean one of us MAY have to work more hours, and neither my hubby or I want that for ourselves or each other. We both work part time and that means we make enough money, and still get plenty of time with each other. [inlove] One of the benefits of 2 people working part time is that we make the equivalent to one person working full time, and as a result save heaps on tax. [biggrin]
So…..as they say patience is a virtue, and I am happy to wait (for now !!!!!).
GOD GRANT ME THE PATIENCE…..BUT HURRY !!!! LOL
Jo
Wow Monopoly that’s a lot of profit – where was the property?
Yo Ho Samwise
Samwise,
It was in North Fitzroy, just off the very hip cosmopolitan “latte sipping” Brunswick Street. Can you believe it??? I grew up in the area, and once upon a time (kids I grew up/went to school with) couldn’t wait to move out fast enough!!! I could believe my ears when the Auctioneer exceeded my “reserve” price by a whopping 175K, yes you read it right….175,000 ABOVE RESERVE. THE MARKET WAS INSANE !!!!!!!!!!
Haaaaaaaa change….is a good thing, no???? LOL
Jo
Jo
I’m not familiar with Melbourne but sounds like you were in the right place at the right time. I’m from Sydney and market is definitely softening now – tried to sell at aucvtion and ony one bid..
Yo Ho Samwise
Monopoly
You could prepay some interest on your two new properties. that will increase your expenses and cause less tax!!
As Jas said, buy in Canberra, stamp duty is tax deductible. Oh, I love paying stamp duty in Canberra (not really!). Well, more than in other states anyway as I can claim some of it back from Mr costello!!
Cheers
Mel
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