PropertyInvesting.com | Houseofwealth | Activity https://www.propertyinvesting.com/members/houseofwealth/activity/ Activity feed for Houseofwealth. Sun, 12 Apr 2026 16:50:54 +0000 https://buddypress.org/?v=2.8.1 en-US 30 hourly 2 aa41c88001ec19d8d4fbd0ed4df2a818 Houseofwealth replied to the topic GST and residential development in the forum Legal & Accounting https://www.propertyinvesting.com/topic/5042830-gst-and-residential-development/#post-5042854 Wed, 07 Feb 2018 22:55:15 +0000 You should also consider which entity should acquire the property for tax planning purposes. A lawyer can advise whether the and/or nominee clause will work to prevent double stamp duty.

Either way the entity would need to be setup prior to entering into contracts.

You need a good lawyer in the state your in to advise on that.

]]> 17a3af1098eaf09bf72d65c5e678e1b3 Houseofwealth replied to the topic GST and residential development in the forum Legal & Accounting https://www.propertyinvesting.com/topic/5042830-gst-and-residential-development/#post-5042853 Wed, 07 Feb 2018 22:39:09 +0000 Generally you could use the margin scheme in such a situation.

When you sell the purchaser and you must agree in writing to use the margin scheme.

Basically GST is calculated as 1/11th of the margin. That is difference between sales price and purchase price. Better than 1/11th of the sale price.

You may also be eligible to claim input tax…[Read more]

]]> a5b7b28b54e039353da3e5c35c8e5537 Houseofwealth replied to the topic GST and residential development in the forum Legal & Accounting https://www.propertyinvesting.com/topic/5042830-gst-and-residential-development/#post-5042849 Wed, 07 Feb 2018 22:15:07 +0000 Re GST you will pay on purchase it will depend on the situation of the current owner.

If its held as trading stock by the current owner it may be subject to GST. If its a residential block that they have held for 10 years and merely has a house they lived in or rented for those years and they never had an intention to do anything more then they…[Read more]

]]> 866b63b656af79bab28e99e548d8bc4d Houseofwealth replied to the topic GST and residential development in the forum Legal & Accounting https://www.propertyinvesting.com/topic/5042830-gst-and-residential-development/#post-5042849 Wed, 07 Feb 2018 22:15:07 +0000 Will depend on the situation of the current owner.

If its held as trading stock by the current owner it may be subject to GST. If its a residential block that they have held for 10 years and merely has a house they lived in or rented for those years and they never had an intention to do anything more then they probably wont be subject to GST so…[Read more]

]]> 6f9cdd9718968f10a047e49482b68904 Houseofwealth replied to the topic GST and residential development in the forum Legal & Accounting https://www.propertyinvesting.com/topic/5042830-gst-and-residential-development/#post-5042849 Wed, 07 Feb 2018 22:15:07 +0000 Will depend on the situation of the current owner.

If its held as trading stock by the current owner it may be subject to GST. If its a residential block that they have held for 10 years and merely has a house they lived in or rented for those years and they never had an intention to do anything more then they probably wont be subject to GST so…[Read more]

]]> d4d027b32871072f436ff9517ebc0e76 Houseofwealth's profile was updated https://www.propertyinvesting.com/activity/p/369443/ Wed, 31 Jan 2018 01:54:44 +0000 320f6f92cff222fbc44e2d92148f46ed Houseofwealth started the topic Main Residence Must Move In in the forum Legal & Accounting https://www.propertyinvesting.com/topic/5042657-main-residence-must-move-in/ Tue, 30 Jan 2018 13:19:19 +0000 Some taxpayers are of the opinion that the main residence exemption can be applied to properties that they intend to be their main residence.

However a mere intention to occupy the property without actually doing so means the main residence exemption will not apply.

So make sure you physically occupy the property before selling it as your main…[Read more]

]]> ad94bf7717cda974cf30d23414c25073 Houseofwealth changed their profile picture https://www.propertyinvesting.com/activity/p/369409/ Tue, 30 Jan 2018 02:11:18 +0000 73eaee0e36f1fdf4c9e0bc34aa18ac72 Houseofwealth replied to the topic CGT on depreciation claimed after property sale in the forum Legal & Accounting https://www.propertyinvesting.com/topic/5042641-cgt-on-depreciation-claimed-after-property-sale/#post-5042646 Tue, 30 Jan 2018 02:08:30 +0000 correct. you need to do two things regarding depreciation.

1. get a copy of the depreciation schedule
2. work out the amount of Division 43 (capital works deductions) you have claimed or would have been able to claim since owning the property.
3. take the purchase price and allocate it between the Division 40 and Low Value Pool Items and the…[Read more]

]]> e05e17c6799a090792d70d10efbb3707 Houseofwealth replied to the topic SMSF rules for property investing in the forum Legal & Accounting https://www.propertyinvesting.com/topic/5041425-smsf-rules-for-property-investing/#post-5042628 Mon, 29 Jan 2018 14:20:56 +0000 If a mortgage broker set up an smsf without providing a statement of advice as a registered financial planner under an authorised rep or license then they have committed a criminal offense.

]]> e05e17c6799a090792d70d10efbb3707 Houseofwealth replied to the topic SMSF rules for property investing in the forum Legal & Accounting https://www.propertyinvesting.com/topic/5041425-smsf-rules-for-property-investing/#post-5042628 Mon, 29 Jan 2018 14:20:56 +0000 If a mortgage broker set up an smsf without providing a statement of advice as a registered financial planner under an authorised rep or license then they have committed a criminal offense.

]]> b9dd6975d323215312fb7c8f3287c2bf Houseofwealth's profile was updated https://www.propertyinvesting.com/activity/p/369397/ Mon, 29 Jan 2018 14:04:50 +0000 34c137f385c05c9a9fe9740e522bf7ad Houseofwealth replied to the topic Capital Gains tax on PPOR in the forum Legal & Accounting https://www.propertyinvesting.com/topic/5041186-capital-gains-tax-on-ppor-2/#post-5042627 Mon, 29 Jan 2018 14:03:10 +0000 Few things to remember as well.

1. Property must be held by an individual. Trusts and companies dont get the main residence exemption.

2. If used for income producing purposes it will be subject to partial CGT. Be careful if you have used it as a work office as it may be subject to partial CGT. But can use the small business concession to reduce…[Read more]

]]> dc669af2b7eaa1a6edc080586c14b19e Houseofwealth became a registered member https://www.propertyinvesting.com/activity/p/369394/ Mon, 29 Jan 2018 13:49:37 +0000