Forum Replies Created
If you are moving out and renting you should be able to take advantage of the 6 year rule. You can still class your oirignal home as your PPOR – even if you earn income, and pay no CGT if you sell. Do a search for more info.Terry this may work if you have no other PPOR.
“Where NO OTHER dwelling is treated as the taxpayers main residence ” page 366
You don’t need to own it. If you are renting elsewhere then this is your PPOR.
Now a taxpayer may believe he does not have another main residence. T[
]he ATO may however decide that the bus shelter he has been sleeping in may meet the definition.Now to go search the definition of “Main Residence “
I thought you couldn’t use your super for this, are you sure?
I’m interested to find out how to do this, since I thought super was ‘untouchable’ till you retire?
My husband once asked our accountant if he could use his super for property investing and was told this was not possible.Celivia it can be done, but as with most good ideas it is not simple or straight forward.
Need to:-
-set up own Super fund,-transfer current super to new fund
-by property tennants in common or thru unit trust etc.
Problem is S/Fund cannot borrow so you cannot use the equity in the property to fund the debt (although we have had a debate on how to do this, and it may be possible to trick the system, relying heavily on non disclosure ) Mention this to your accountant or get another one.[
]I live in Glenhaven NSW. Several years ago a property sold at auction for over $1,000,000. Problem is the agent did not realise that the last person bidding was a friend of the owner. Brought much joy and merriment to the residents in the following months.
It worked though, cause next time it went up for auction a newbie (person who did not know the area )snapped it up for $900,000, and thought they had a bargain.
[][][]Auctions….you got to love them.
Mel I think that is what JB is saying the Trust cannot distribute a loss. The Negative is formed by the Unit holder borrowing,
Actually if the debt funding come from the Unit holder, It would be very hard for a trust to make a loss, not impossible but unlikely.
This actually agrees with your interpretation if I am not wrong, just takes it a little further.
JB thanks for the feedback on the ATO.
[]You could writes books on this topic…Hey I think people already have.
But simply it is a separate entity that can own or trade on behalf of the beneficiaries, the income and capital then rests with the beneficiaries at the discrestion of the trust.
You can therefore move income from a potential highly taxed individual to someone who is not.
The trust is not a separate legal entity and that responsiblity is held by the trustee.
It is a tax and legal mine field, and even a lot of “expensive professionals …make some shocking mistakes…I would love a $1,000 for evry person I have seen who has bought a -prty in a trust.[]
]he ATO may however decide that the bus shelter he has been sleeping in may meet the definition.
