capital gains tax

Viewing 6 posts - 1 through 6 (of 6 total)

cashpoor
Participant
@cashpoor
Join Date: 2004
Post Count: 22
December 7, 2004 - 3:27 am
Hi all,
If I buy a block on 3 titles, split it up & sell the 3 blocks in under 12 months.How do I get around paying 50% capital gains tax?
Regards
Cashpoor
ANUBIS
Participant
@anubis
Join Date: 2003
Post Count: 559
December 7, 2004 - 7:13 am
Do it in a company structure and pay 30%
cashpoor
Participant
@cashpoor
Join Date: 2004
Post Count: 22
December 7, 2004 - 11:45 am
Hi ANUBIS,
Thank you for your reply.Has anyone else got any other ideas?
Regards
Cashpoor
lifeX
Member
@lifex
Join Date: 2004
Post Count: 651
December 7, 2004 - 12:45 pm
Stick it in a trust, and distribute the capital gains component to all your close relatives that are on a lower tax bracket than you. (Slip them a few hundred bucks, they’ll love you).
Or…. sell and make a giant loss in any of your other investing activities to offset gain.
If you are actually living on the land (caravan?) claim it as your PPoR (be very careful that you fall within the ATO requirements for this)
FLY TO MEXICO AND HIDE ON THE BEACH SENORE’
Live, Learn and Grow
Lifexperience
cashpoor
Participant
@cashpoor
Join Date: 2004
Post Count: 22
December 7, 2004 - 1:15 pm
Hi lifeX,
Thank you for your reply.
Regards
Cashpoor
Terryw
Participant
@terryw
Join Date: 2001
Post Count: 16,213
December 8, 2004 - 4:26 am
Yes use a trust at least. You will then be able to distribute to a company as a last resort and therefore should pay no more than 30% tax. Better spend some money on some good advice as you could save many thousands.
Terryw
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