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Viewing 7 posts - 1 through 7 (of 7 total)
  • Profile photo of limumenglimumeng
    Participant
    @limumeng
    Join Date: 2010
    Post Count: 10
    December 29, 2016 - 11:27 pm

    Thanks Terry ,

    If I used it for 3 months only, will ATO be concerned ?

    Profile photo of limumenglimumeng
    Participant
    @limumeng
    Join Date: 2010
    Post Count: 10
    December 29, 2016 - 11:12 pm

    Hi Terry

    Thanks for that.

    If for example, I just bought a new property and declare it as a PPOR.
    I have no other PPOR.
    I comply with all ATO rules like changing address, utilities, mails, my personal stuff etc.

    Is there a minimum stay on on my PPOR before I moved out to activate the the 6 year rule?
    ATO website says, no minumum length, but many advices( from accountants) says, anything less than 6 months will be not be right.

    Thanks for your response

    Cheers

    Profile photo of limumenglimumeng
    Participant
    @limumeng
    Join Date: 2010
    Post Count: 10
    December 28, 2016 - 12:03 am

    Hi Terry,

    I thought if I hold the PPOR for 12 months, I am not subjected to CGT.
    Am I wrong ?

    Thanks

    Profile photo of limumenglimumeng
    Participant
    @limumeng
    Join Date: 2010
    Post Count: 10
    December 27, 2016 - 11:57 pm

    Hi Terry, Tony & Benny

    Thanks for your valuable advice.
    You guys are awesome in giving me a fresh look into how best I can redirect my funds and creating equity.

    No – I do not need to change my life style for the moment as I still have a full time job. and drawing good pay.

    I am fully aware that PPOR is not subjected to CGT.
    The reason I have been keeping my properties thus far although they are mostly negative geared is becos I am in the 37% Tax bracket.
    So that helps me to get back good tax refunds.

    I am happy with current structure, although 4 of my IP are in Perth which is experiencing a low rental.
    I am basically biting the bullet and hopefully weather through the storm and the market picks up again.

    Cheers

    Profile photo of limumenglimumeng
    Participant
    @limumeng
    Join Date: 2010
    Post Count: 10
    August 22, 2015 - 11:43 pm

    hi Benny

    Yes, I probably use those “Sellmyhouse” or PropertyNow Agents” and sell it myself.
    As it is empty and a display home, should be easy to sell as nothing to move or clean up

    Profile photo of limumenglimumeng
    Participant
    @limumeng
    Join Date: 2010
    Post Count: 10
    August 22, 2015 - 9:25 pm

    Hi joeygbh

    Your answer is splendid.
    I need some assurance of what I had been thinking.
    All of what your said is exactly right.
    I will look at selling and move on after all the last 2 years I already made some income from it.

    CHeers mate

    Profile photo of limumenglimumeng
    Participant
    @limumeng
    Join Date: 2010
    Post Count: 10
    July 13, 2015 - 11:45 am

    Hi Jacqui & Tom ,

    Thanks for the advice.
    The problem is I bought the 2 blocks by cash. There is no loans on it.
    Hence, just paying the rate and Water rate but no income.
    So was thinking how best to manage the money to another property or let it sit there.
    Do I need the money – Can say Yes or No, depends

    The other issue is, being inter state, it’s hard to construct and having to rely on unknown builders to do a good job.
    And the horror stories if you are not there to monitor the construction phase.

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