hello everyone!!!
Well I’m broke at the moment but, in 2 years time I should have my mastercards paid out and closed down (thank goodness), my car loan paid out and a massive (not) 20% equity on my home loan.
I’m very interested in getting involved with property investing and retiring before my kids get any older and move out!!
I figured I’d do a few wraps at first to get me started. What I want to know is;
1. “How long after buying an IP can I sell it as a wrap in the Northern Territory?”
2. “If I sell within 12 months do I have to pay alot of tax?”
3.”Is there a draft wrap contract I can access or do I need to draw my own up?”
Any ideas?
Yours jo45
1. After you have settled the property, so pretty much immeaditly after you have bought the property. You can get a database of new buyers before hand though (just make sure you know the area you will be targeting).
2. The ATO takes a view that the houses are stock, so no CGT to pay, more info:
http://propertyinvesting.com/forum/topic.asp?TOPIC_ID=8698&sortfield=&sortorder=&whichpage=23. I would highly suggest you find a solicitor in your own state – the laws can vary and you don’t want to skimp on your own legal protection (thi is a very important point). Post in the Vendor Finance Section or join the VFA (http://www.financewraps.asn.au/).
Rgds.
Lucifer_au
You must be logged in to reply to this topic. If you don't have an account, you can register here.
