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brunowa

  • brunowa replied to the topic Capital Gains Tax – My $60k Mistake?? in the forum Help Needed! 9 years ago

    Thanks all.

    I’m still confused though. Based on the clause that Terry mentioned, does that mean I should only be paying CGT on that initial 3 months where there was a tenant from the lease rolled over from the previous owner? Even though it was rented out again after I had lived in it for a year?

  • brunowa replied to the topic Capital Gains Tax – My $60k Mistake?? in the forum Help Needed! 9 years ago

    Hi Terry, thanks for reply.

    Yes, my accountant said I can claim a partial exemption for the 1 year that I lived in it but that is it… I can’t claim the time I was over in London or afterwards. Whereas if I moved in straight away I would be 100% Capital Gains Tax Exempt for the full ownership period.

  • brunowa started the topic Capital Gains Tax – My $60k Mistake?? in the forum Help Needed! 9 years ago

    Hi there,

    I have a quick question about capital gains tax and the exemption you can get if you move out of your main residence (and rent it) and then sell it within 6 years.

    In 2010, I was a first home-buyer and I bought a unit that already had tenants in it. They had 3 months left on the lease and I was living with my parents so I figured…[Read more]

  • brunowa replied to the topic Calculating Gross/Net Margin of Investment Property in the forum Thanks Den,
    Appreciate your
    13 years, 4 months ago

    Thanks Den,Appreciate your response. The vacancy rates and interest rates can be easily altered to identify different scenarios.. I was more hoping to get a feel for the methodology I am using in working out whether an investment is worthwhile and that my method of calculating the tax deductions and net position is correct.

  • brunowa replied to the topic Calculating Gross/Net Margin of Investment Property in the forum Help Needed! 13 years, 4 months ago

    Please explain? How do you exclude interest when interest repayments are one of the biggest factors in property? Similar to tax

  • brunowa replied to the topic Is it possible to increase the size of your current loan? in the forum Agreed Catalyst… I’m 13 years, 4 months ago

    Agreed Catalyst… I'm learning the expensive way!Richard, I am single and own the property in my name only.

  • brunowa replied to the topic Is it possible to increase the size of your current loan? in the forum Finance 13 years, 4 months ago

    Damn that is quite annoying…The reason I asked the question is that my PPOR at the moment is the property where I have paid down loan to $300k, however I would like to buy a new PPORy to live in and then rent out my current PPOR. Is there a better method of doing this or is that extra $180k locked away in my current PPOR?

  • brunowa replied to the topic Setting up my structure in the forum Help Needed! 13 years, 4 months ago

    I see.. so putting away all my funds in my 100% offset is not ideal. With the 70k I have in the offset account this should all go straight into the loan on my PPOR, paying it off (leaving some $ for emergency/living funds ofcourse). Then when I need access to this, for eg share investments or deposit for IP, I apply for the LOC. Understand.

  • brunowa replied to the topic Setting up my structure in the forum Help Needed! 13 years, 4 months ago

    Thanks Richard/Terry, great advice.. its things like this (tax benefits) which I am yet to fully understand so I appreciate the responses.In saying that, I should be able to use the equity in my PPOR (approximately $180k) to take out a LOC and use it for the deposit and acquisition costs of my first IP, and the interest paid on this LOC is tax d…[Read more]

  • brunowa replied to the topic Renting vs Getting Paid Cash in the forum Help Needed! 14 years, 3 months ago

    Thanks…and how does it work if I do rent out one room in terms of tax deductions and capital gains? This is my plan.1) Live in property 6 months get FHOG.2) Then rent out one bedroom at $200 per week for 5 years3) After 5 years, rent out whole apartment and I'll buy another PPOR.Firslt, current repayments are $2000 and so at $200 rent per week…[Read more]

brunowa

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