Good Post Simon

Terryw
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Hi Carlin

I am not an accountant, but htink GCT would apply on the basis of area rented out. ie what percentage is it of the whole property that you rent out. This would be the % of CGT you pay.

But if you have only rented it out for a few years, not the whole time you were there, then you would have to reduce the CG accordingly.

I don’t think…[Read more]

Jim

You don’t sound unemployed to me. You sound more like a professional property investor!

Terryw
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Sounds alright to me. and the market shouldn’t be slow forever. What will the figures look like during the next boom.

Terryw
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Hi again.

Thanks Rdwing, I missed that.

If you actually lived in the house before renting it out, then there is possibly no CGT payable – if you haven’t claimed another house as your main residence at the same time.

Terryw
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Looks like your properties are worth about $1,000,000 mil all up.

If you cannot qualify for a standard loan, depending on locations etc, you could possibly get 80% of this by using a Low/No Doc loan.

That is about $150,000 extra above what you have now.

Then you can use this as a deposit on another property – being able to buy another $600,000…[Read more]

Mike is an accountant:

Home

Terryw
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Probably just have to try a different lender or 2. If you have equity, you will be able to get finance.

Terryw
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For some good information on evictions etc in Victoria, plese look at the Victoria Tenants Union:
http://www.tuv.org.au

Terryw
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They could possibly transfer the house in stages to reduce their CGT bill? eg 50% now, and 50% july 1.

Terryw
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Originally posted by Cata:
All about unit trusts Terry. Rather than explain it, I will refer you to the summersoft forum. Have a look at “Accounting and Tax” and find “Property Investor Trust- The Facts”

This will explain it for you.

CATA
Asset Protection Specialist
wardlecata@primusonline.com.au

Thanks CATA
Here is the link on the somersoft…[Read more]

And,
Having a company will not help you get finance. You will still have to prove income and serviceability.

Terryw
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Coasty Mike is located just North of Sydney

Terryw
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Unfortuately Trusts are not away around Family Law issues. The Family Law Court can unravel trusts. But they are still a good idea to have.

My Grandfather just went through a ‘battle’ with is ex defacto of 20 years. He owned his house outright before they met. In the end they had an out of court settlement, him giving her approx 30% of the value…[Read more]

No need to limit yourself to Hobart. These days with email and internet, you can use an accountant anywhere.

My accountant is a 30min drive away, but I haven’t seen him for years.

Terryw
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You could also try Coasty Mike from this forum.

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What you owe is irrelevent for CGT calcs.

Roughly speaking (I am not an accountant), it is calculate like this:
Sale price $250,000
less purchase $92,000
= $158,000
You can minus some costs such as stamp duty etc, but may have to add back some things suxh as any depreciation claimed.
-$8000 costs (guess)
= $150,000 Capital Gain
Since you have…[Read more]

It is probably Lnad tax being referred to.

But I remember reading that in Victoria, things are slightly different to other states. If purchasing multiple properties next to each other the OSR, for stamp duty purposes, pools the values of the combined properties making much more stamp duty payable.

Terryw
Discover Home…[Read more]

You owuld have to read your contract to see how binding it is. But if the other party is not happy, then you could possibly both agree to end it.

Terryw
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I think before going to get some advice, the best thing you can do is read up on the topic – books, forums etc.

That way when you go in there, it won’t all go over your head, and you will be able to understand – at least a little.

You will also have an idea on whether the person knows what they are talking about.

Terryw
Discover Home…[Read more]