Yes it would be a CGT event. No exemption if it wasn’t his main residence. And if he is a non resident then no 50% CGT discount any any gains made after a certain date (last year I think). He should seek tax advice as you should too.

He may also have to pay tax in his home country.

Death is a fact of life and I deal in this area everyday so I guess I am used to it, but don’t find estate planning around death depressing. I’ve seen a lot of problems arise which could be been easily avoided.

Divorce = yes

You should consider land tax from the get go, not once the threshold has been reached. It is difficult and costly to change land ownership later so plan ahead and minimise the pain.

In QLD land tax is generally not chargeable to an individual if they hold land which is valued less than the threshold – which is currently $600k. THis is land only within QLD and doesn’t include the main residence.

Why wouldn’t they be invalid. First one is grammatically incorrect and ambiguous – what does it mean – do you need an engineer just to confirm that the trees are removed?

I do a bit of mortgage broking in addition to being a lawyer. My office is in Macquarie Street Sydney CBD.

This is not correct.

Not really Jac – redraw can be done without permission with most banks.

The main issue is the tax consequences as redrawing from a loan = new borrowings for tax purposes.

Yes, I will buy them all! I was just waiting for you to drop the price!

Could you please send me an email with your details and i will transfer the money.

I don’t know if they could ask you to pay down the loan – like in margin call for shares- if the price dropped due to market forces. Not sure I have read anything in a loan agreement which states they could either. But if you are doing something to devalue the property – demolishing part of it et then you would be in breach of the terms of the…[Read more]

Why do you want to pay off the loan? Why not use IO with an offset account and save the same interest but keep funds available for private nnon deductible debt/

I’ve never financed one myself, but if you get a licenced building to build it under a fixed price contract, and it is not removeable, then you should be able to get standard loans.

Under s8-1 ITAAA97 any expense related to producing assessible income cna be deductible.

But you may have problem. If you have redrawn from a non deductible loan you will be charged one large sum of interest each month. Only part of this will be deducctible. That is easy enough to work out. However if you are repaying this loan by paying PI…[Read more]

Yes. That is why my answer is also implied…

Sorry, misread – Good question!

Fredo to get an opena nd shut answer you first need to ask a question!

Yes they would jump considerably – if you haven’t renegoitated. It is rare for a loan to go 10 years

But if it does just think what would your rents be like then? Possibly double

Sorry Catalyst, I must have replied to your post and chopped out the other bits!