This is why careful record keeping is essential, and this is even more important for when you die because the executor and/or beneficiaries need to find this information.

when it has increased in value enough

yes

the cost base is basically what you pay for a property plus the costs you haven’t claimed – stamp duty etc.

When you inherit a property you generally inherit the cost base of the deceased. So it is as if you are them. What they paid for the property, their stamp duty etc is what you are considered to have paid for it.

The clock only sets to zero…[Read more]

1. Exempt from CGT if sold within 2 years. Thereafter if you rent it the cost base will be the value at death.
2. Cost base will be his cost base.
3. cost base will be his cost base.

Confirm this with your tax advisor as I have made a few assumptions.

You need to speak to a lawyer – about stamp duty and CGT which would be triggered if the ownership changes.

Don’t you need the diploma course now, and not just the Cert IV?

AAMC is where I did mine. Good place to do it.

I would probably just recommend the cheapest place you can find as the course itself is not something you can really rely on for knowledge. You get that when actually doing.

I’ve never looked into this, but a colleague did a conveyancing matter where the vendor used a put and call option to delay entering the contract (but lock it all in) and when asked why they stated for CGT reasons.

In that case you have to consider what would the opportunity cost be of tying you your deposit and borrowing capacity in an asset with no growth – what could you have done with the money instead?

This year

Sounds like the sales person has already decided what you need before they have met you or know anything about you.

Sounds like your superannuation guy is looking out for himself too. What is his commission?

It would have been pre CGT, but subdivision would change this. It probably could be sold and the main residence claimed if they had lived in both sides of the house, it was rented for less than 6 years, they had no other main residence which they claimed and they moved back into both sides of the house and it is on less than 2 hectares and hasn’t…[Read more]

Was that person a property advisor or a sales person in disguise? The differences is mainly the fact that the sales person has already decided what you need before they have met you or know anything about you.

entire

Here is a link to something I wrote explaining ‘all monies’ clauses. https://www.propertyinvesting.com/topic/5025757-what-is-an-all-monies-clause/

If a borrower doesn’t pay the bank will take possession of the house, sell it, and recover the money they lent and the associated recovery costs. If they property is valued at $800k and they only need to recover $400k it should be pretty simple. Not sure why they would contemplate sending someone to london to investigate – even if you had hidden…[Read more]

It would depend on how you are set up now.
PI loans can help
Related party loans can help
joint purchasing could help
sale of one or more could help – but consider whether you could borrow to buy the replacement

etc

What does she fear about an ‘all monies’ clause?
If someone ends up bankrupt the bank can use its mortgage agreement with the borrower to secure all monies owed to it.

So I guess you are asking if there is a second mortgage to a related trustee would the bank take priority over the 2nd mortgagee. I think that will depend on the wording of the…[Read more]