Maximum, you are only ‘up for’ CGT IF you sell – if you live in a house after it has been an IP, that is FINE – but WHEN you sell, you pay CGT on a proportional basis…ie…don’t sell until you retire, your marginal tax rate will be minimal, you pay CGT on HALF your capital gain at your marginal tax rate…proportional on the amount of time the…[Read more]
[Hi Dave C, good to hear your story, and thanks for letting me know you and AD are ‘locals’…maybe let us know if there is an exciting property meeting on in this neck of the woods that would suit someone like us…and doesn’t cost TOOOO much money?
(‘kooringal’ is the name of the little shack we recently bought at…[Read more]
Yes, it was. Please don’t tell me you bought it?
“Character cannot be developed in ease and quiet. Only through experience of trial and suffering can the soul be strengthened, ambition inspired, and success achieved.”
Hi Fullout, I’ve done the conveyances on our last three transactions, a sale and two purchases…ie I’m one of those ‘self acting’ after getting pissed off with slack solicitors…it is DEAD easy and CHEAP doing it yourself…IF you have straightforward properties, ie same family for 100 years etc, which ours have been so far.
I was SO excited…[Read more]
Hi Y’all, anybody out there from northern suburbs of Brisbane??? We’re in Stafford and would love to email/talk to any other couples/families in a similar situation to ourselves.
We’re late 30s, two little boys 1 and 3 yrs, hubby is an engineer and mum is a stay at home mum, but part time journo, working odd shifts on weekends when dad can look…[Read more]
Laurie, my other problem is…I think I have been trying to be toooo clever…when I bought the investment property, we decided to move into it, to pay less stamp duty, for a year, ie one pays less stamp duty in qld if the home is to be owner occupied as opposed to investment…so…we left our PPOR, to move to the new house for a year, to satisfy…[Read more]
having had some VERY ordinary experiences with property managers, I am now managing two properties ‘by myself’.
So far, all is well…I take care of my places, I CARE if something is broken or not working, because I want my place looked after, and I want my tenants to come to me if there is any problem, I check the bank account to…[Read more]
Laurie, old PPOR was inherited in Sept 1999, so well after 1985. The big capital gains occurred in Brisbane, as most other places in Aust, over the past couple of years. It was probably worth a bit less than $200,000 then, it is worth about $500,000 now.
We moved to another house 6 months ago to do it up while living in it, and to leave the…[Read more]
Hi Michael, how do you transfer your PPOR into a trust FREE OF STAMP DUTY?
We have moved from one PPOR to a new PPOR and we have six months to dispose of the old PPOR capital gains tax free, and there has been a huge capital gain in the old place while it was our PPOR, so without selling it, we wanted to ‘lock that in’ somehow…
So what to…[Read more]
Errrgghhh! A tough one. If you have been ‘renting’ the property out at about 30 percent less than market rate, because you are ‘unofficially’ the 3rd party in the house, but really you stay with your girlfriend while you are in town, you’ve been ‘getting away with’ not declaring income received from the tenants because it is your PPR and you are…[Read more]
Hi Michael and Kaye, Kooringal here. You were helpful when I asked you something about transferring a PPR into a trust to ‘lock in’ a capital gain before renting it out…well, I have a better idea. Instead of paying heaps of stamp duty on that plan, I have checked with the tax office and have a better option. WOuld you or any others let me…[Read more]