Hi,
Just a quick question, are there any benefits settling a property this financial year or next?
I know my situation would be different to others.
King.
Hiya
Is it a principle place of residence or an investment property?
If the latter – there may be CGT payable on the sale so you'll need to work out how that would effect you if sold this FY or the next. Best to sit down with your accountant to crunch the numbers.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Yeah its an IP. Thanks for the prompt reply.
King.
OK – definitely need to have your accountant crunch the numbers for you to work out your best option.
Where are you located? If you don't already have a good accountant, you might find some useful recommendations here.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
I'm in Bendigo Victoria, I did have a local looking after me but am open to suggestions.
King.
Hi KoL,
As I understand it any capital gains liability is determined by the date you sign contracts and not settlement date.
I did find one source consistent with my understanding – check out this link
Note – I am not an accountant so double check this & as Jamie said make sure you speak with an accountant to determine which is the best option for you.
Cheers Derek, I'll check it out.
King.
King_Of_Ling wrote:I'm in Bendigo Victoria, I did have a local looking after me but am open to suggestions.King.
Try James from House of Wealth in Melbourne http://houseofwealth.com.au/contact-us/
You won't have to commute if you'd prefer not to – I've had mutual clients set up online/skype meetings with him.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Hi,
I could be wrong but from memory the contract will be based on when the contract was actually signed not settled….
Jpcashflow | JP Financial Group
http://www.jpfinancialgroup.com.au
Email Me | Phone MeYour first port of call in finance :)
Will you earn more this financial year or next? You want to sell (assuming you'll make a profit) in the year where you earn the least (or where you have the most deductions).
Slight changes in tax rates from July. Also consider the delay is paying the ato cgt. If sell after 1 july you can keep the.money for another year
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
Terryw wrote:you can keep the.money for another yearJust don't blow it! Work out how much the CGT will be and don't touch it – place it somewhere where it's either saving/earning you money for the year.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
CGT is based on Contract date and not settlement date.
Also whether you can bring the settlement forward will depend on the co-operation of the seller who will need to agree to it.
He might be in the same boat.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
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