All Topics / Help Needed! / pre-capital tax investment & new tax laws

Viewing 9 posts - 1 through 9 (of 9 total)
  • Profile photo of sweetiesweetie
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    @sweetie
    Join Date: 2003
    Post Count: 26
    May 12, 2004 - 10:13 am

    Hi Forumites,

    I tried to do a search for the above and couldn’t see anything so apologise if this has already been covered.

    My in-laws bought some land (both in NSW and QLD)many years ago and they are capital tax exempt. Will the new tax laws in NSW still see that apply or will they now have to pay the 2.25% on capital gains made when they sell their land in NSW after 1 July?

    Thanks in advance for your help.[exhappy]

    Linda

    Profile photo of DerekDerek
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    @derek
    Join Date: 2004
    Post Count: 3,544
    May 12, 2004 - 10:27 am

    Hi Linda,

    It would appear as if you are confusing two tax regimes.

    CGT is a federally levied tax and is based (in loose terms) on the profit you make. Anything purchased before 17th July 1985 (? check this date) is capital gain tax exempt.

    The NSW ‘tax’ is a stamp duty levied on the sale price of the property. As I understand it (I’m not from NSW) this will be levied on all properties apart from your own home.

    Derek
    [email protected]

    Property Investment Support Available. Ongoing and never stopping. PM welcome.

    Profile photo of sweetiesweetie
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    @sweetie
    Join Date: 2003
    Post Count: 26
    May 12, 2004 - 10:44 am

    Thanks Derek,

    Just so I am clear about it, they won’t be liable for any CGT to the Federal govt but will be up for the stamp duty (to Mr Carr) if the land is sold after 1 July.

    Reagrds,
    Linda

    Profile photo of DerekDerek
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    @derek
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    May 12, 2004 - 11:01 am

    Hi Sweetie,

    (geez – I don’t even talk to wife like that)

    But the short answer is yep – you have got it.

    Derek
    [email protected]

    Property Investment Support Available. Ongoing and never stopping. PM welcome.

    Profile photo of LizzyLizzy
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    @lizzy
    Join Date: 2004
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    May 12, 2004 - 12:41 pm

    Need we say more.

    Liz Wilson

    Mortgage Lender

    Profile photo of sweetiesweetie
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    @sweetie
    Join Date: 2003
    Post Count: 26
    May 12, 2004 - 10:23 pm

    Thanks again Derek. [ohno2]?? Was just trying to be clear in my mind, not cause any offense. Apologies if I did.

    Thanks too Liz, always good to have a second opinion.

    Regards,
    Linda

    Profile photo of melbearmelbear
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    @melbear
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    May 19, 2004 - 10:40 am

    Linda, I think Derek was referring to calling you ‘sweetie’ rather than anything else[biggrin]

    I remember Billfromoz having the same ‘thought’? Esp when his wife asked him who he was emailing?[eh]

    Cheers
    Mel

    Profile photo of DerekDerek
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    @derek
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    May 19, 2004 - 10:52 pm

    Hi Linda,

    (Phew – that sounds much better)

    Absolutely no offence taken.

    Derek
    [email protected]

    Property Investment Support Available. Ongoing and never stopping. PM welcome.

    Profile photo of sweetiesweetie
    Member
    @sweetie
    Join Date: 2003
    Post Count: 26
    May 20, 2004 - 6:28 am

    Hi Mel and Derek,

    Duh! Sorry for being so slow. [blush2]

    Regards,
    Linda

Viewing 9 posts - 1 through 9 (of 9 total)

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