You can do various things to reduce your CGT by reducing your income for that year. eg. prepaying some interest on investment properties, those 100% capital guarranteed share funds etc.

Terryw
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Byronet

You are legally required to declare all income on your tax return! (Which is a pain).

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I have heard various reports on how much you need in your superfund to make it worthwhile. Some say as little as $50,000 would make it worthwhile. Do a web search, as there are hundereds of companies out there offering to setup and run your SMSF. Many have free seminars which you can go to to learn more.

Terryw
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Julia’s post nicely estimates the CGT. As you can see it doesn’t really work out to be that much. But I suppose it is still best to minimise it as much as they can.

However, your dad should be asking how this will affect his pension as well.

Terryw
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Giddy Up!

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Shoudn’t be too much of a problem. But they can sometimes be pick on low doc loans.

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Hi

I can’t concentrate hard enough through your examples!!

But my understanding is this:

If you move out of your PPOR and rent it out the interest on the loan balance as is, would be claimable. If you increase the loan to use as deposit for a new PPOR then this portion wouldn’t be.

If you intially started with a IO loan and a 100% offset…[Read more]

Yes. I was referring to Full Docs. You can get low docs, but usually the deposit required is 20%, though there are a few 90% LVRs available now on low docs.

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BTW, I think it is very risky too!

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Michael

Couldn’t he get access to the deposit if the purchaser agrees to its release?

Terryw
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And try not to get too many eggs in the one basket.

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Sounds like your solicitor is on the ball. He would have probably issued a ‘notice to complete’ to the other party. This is usually giving them 14 days to complete. Then they could be up for the full 10% deposit and any shortfall on the resale, as well as your costs.

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Really there is not much to it. Do PI on your home loan or maybe IO with 100% offset, and IO loans on all investments. Pay as much as you can off your home loan and as little as you can for your investments. Any investment expenses such as rates etc could then be borrowed (LOC or redraw) and the cash you would have used to pay these could then be…[Read more]

Just because a property meets the 11 sec rule, doesn’t mean that it is a good property. beware.

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It doesn’t cost much and will give you some insight into the real estate agents. You can also use it to enable you to sell property, and possibly become a buyers agent.

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It doesn’t cost much and will give you some insight into the real estate agents. You can also use it to enable you to sell property, and possibly become a buyers agent.

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If you are going to wrap a property, you first have to own it. So all the regular costs associated with a purchase will apply and also, a bit extra in legal costs.

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neither would I.

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I have to agree with Robert. This does not look like a good deal to me. beware. It will be very hard to finance. And if it is mobile, your ‘home’ could disappear easily.

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Banks want to see how you are going to repay the loan. They are conservative so not having jobs doesn’t look good!! If you are self employed, with 2 years trading history, that is ok, but if your husband is just starting out in self employment, then they won’t take this income into account at all.

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