First timer trying to wrap my head around this!
If I buy a house and then wrap it…
1. If sold under 12 months no CGT discount available?
2. If I have now sold it via wrap how can I still have a mortgage with a bank secured over that property?[blink]
1. No CGT is payable at all because it is considered trading stock.
2. A wrap is where your loan wraps arounds the banks loan (very basic idea of it).
Go to the creatie section for more wrap Qs.
Rgds.
Lucifer_au1. You do not get any discount for other assets held under 12 months anyway.
2. They are paying you in installments and do not get to ‘own’ the property until they pay the whole lot. But they have the right to occupy the property in the meantime.
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Thanks for the replies.
Have now had a chance to explore the site further and am starting to comprehend!
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