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yes during tax year of 2011-2012 i did lodge a tax return on property 2. that is the only claim as an IP made (on either property)
Terryw, is there not some rule about moving back into a property and making it your PPR again before selling?
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.
basically wasted half my day to travel to see them, time off work etc
the accountant was recommend on this board, so i'm a bit off the idea of seeing random accountants.
so i hoping someone here could give me some good advise, which i can then just get verified.
Terryw wrote:Asset protection against what?for family law matters celibacy
hahaha.. classic call there.. I'm sure there are plenty of divorcee’s that wish that had taken that advise
thanks for the feedback guys
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 2012.??
i thought you can own a property as PPOR for 12months, rent it out of less then 6 years, move back in for 6months and sell it for PPOR?
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.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 then outer suburbs
owners corporation meetings etc, having to deal with other investors, get approval when certain changes to need/want to do.. or you get out voted for some type of work every unit will need to then pay foryou said you dont want to take risks, personally i think spending all your capital on one property could lead to higher risk approach. if the growth is low over the next 10 years your 500k might not grow but so much.
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.
solid info in the thread for newcomers… borrow 80% of the total purchase price, put whatever savings you have into an offset account linked to the loan.
interesting read, i wonder how many people are linked to trusts without having any idea..
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 beneficiary
the sister's children of the primary beneficiaryso both my sister and her children will have issues with centrelink benefits, even if they are not receiving income distributions?
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)
eg
any trust in which a beneficiary is appointor of, trustee or or unit holder of
okay well my parents are at retirement age and the 3 of us share a SMSF (built of cash and stock holdings).. so I will look into that angle.. thanks Terryw
Terryw,
Can the DFT distribute to a beneficiary that is a SMSF (trust)?
thanks
Scott
a bit more information might help you get more feedback from others here..
like how much can you save for month?
what are you short and long term goals?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)?
Side Setback (eg you can build closer to the street then on a normal block)..
the following link examples it in detail
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?
