thanks for the tip, i did end up seeing an accountant(s) in early last year, spent over an 1hour talk through my plans as I also have a small dev going to.
they advised they would get back to me and with verified advice (obviously what i was doing was outside of their comfort zone) on how the structure/restructure, but never did.
but you don't actually claim it as PPOR until you sell it correct?would this not work..Property 1 purchased in 2003, lived in it fulltime until Jan 2010.Property 2 purchased in Oct 2010, moved in Jan 2011, lived there until Jan 2012.Property 1 moved back in Feb 2012 for 6months sell July 2012.Property 2 move back in Aug 2012 for 6months sell Dec…
Catalyst thanks for the info.I'm aware you can only claim 1 PPOR at anytime.What I'm wanting to know is what timeframe I would need to sell both properties in without paying CGT.I thought properties can go from PPOR to Non-PPOR and back again.
scotts replied to the topic Need advice, seek 450-500k apartment or home to purchase as IP in Melbourne in the forum General Property 8 years, 9 months ago
There are additional costs with an investment apartment you need to consider, which may end up costing more then maintenance costs of a house.things to consider for inter suburb apartments yearly owners corporation fees, anywhere from $800-$5000 many older properties dont have split meters, so total cost of the water council rates may be higher…[Read more]
scotts replied to the topic Can she do anything better? (possible subdivision) ? in the forum Help Needed! 9 years, 2 months ago
if there is room for a driveway at the side of the property there maybe an option to sell off the backyard, which may make staying in the property affordable or even may off the remaining loan.
Terryw your above posts about centrelink is actually a bit of a worry…so just buy holding a property in a DFT with myself as the primary beneficiary, all other beneficiaries (even without their name spelt out) will have issues with centrelink benefits?eg.the sister of the primary beneficiarythe sister's children of the primary beneficiaryso both…[Read more]
Currently with the holdings they have, they cannot receive any centrelink benefits.Also could I not word the Trust so that family members can be a beneficiary with their name being spelled out?Example if I was part of the SMSF (not sure how to word it if only my parents are in the SMSF)egany trust in which a beneficiary is appointor of, trustee or…[Read more]
Terryw, Thank you, I'm happy to hear that my general understanding of what a trust can do is correct.Is there anyway for the trust to retain the profits after selling the properties and reinvest without distributing to beneficiaries or paying 45% (or whatever the highest tax rate is)?
scotts replied to the topic Why the conner position property have more potential ? in the forum General Property 9 years, 3 months ago
Side Setback (eg you can build closer to the street then on a normal block)..the following link examples it in detail http://brutalart.com.au/property-development/corner-block/
scotts replied to the topic Should I take the commission only real estate job as a start? in the forum Help Needed! 9 years, 3 months ago
for a young person with no living expenses (eg living with parents, paying no rent/food bills) I think its fine to take a commission only job and see where it takes you, however if you have living expenses and debt it will be highly stressful for you..also is that the area of real estate you want to get into or are you only interested because its on offer?
thanks for the replies guys.. the renting the house part (and the wife working from home) make sense, i've done the sums on that… so thats defiantly going ahead..the question is whether to keep or sell the apartment..its in Hawthorn, which has had great growth the last 4-5 years… I think it will now flatten out.i know doing another backyard…[Read more]
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