Consider a buyers agent?

Bjoern, what is the fee that this mob charge to sell you a property? Did you ask them how much the commission they also receive on the sale from the developer?

You should aks your accountant 2 questions:
1. Why
2. Are you wanting me to spend $10,000 to get back $1000?

and maybe a third

3. Are you an idiot?

No thanks.

leads for what? Selling property, broking, tax?

1. Wouldn’t have advise that you do it like you did. You are both exposed by going on the contract jointly. OTP is very risky and if you cannot settle you will both be sued. You could have done the contract in one name and then settled with 2 on title or 1. More flexibile and less risk.

All owners need to be on the loan, but where 1 owns both spouses can be on the loan (with some banks).

2. Consider saving tax now v paying more later. There should be a profit at some point.

3. Forming a trust may not be the way to go, especially where land tax will apply and where there will be a loss. but if suitable future purchases could be made via atrust.

Thanks D.T.

it will vary depending on whether you are living in it or not. It would be unusual to have no rental income unless you are living in it.

You could have deducted the capital works costs if it was a rental and the property structure (etc) was built after a certain date – 1997 i think. In this case it needs to be added back when you sell, even if never claimed.

no.

aussieguy2000 wrote:

Seems like a complex question only a good tax accountant who really knows the ropes can answer :(
Thanks for the help anyway.
So to clarify on the CGT, if I transferred 50% to her I would cope a CGT event, and then if we sold it in say 12 months time and it went down, she would get a capital loss??? Not exactly a great outcome, though in the current climate it could happen and would be my worst case scenario.

A tax agent or lawyer would be the person to get this advice from.

If you sold 50% to her and she later sold this 50% for less than the cost base there would be a capital loss.

What are you trying to achieve with setting things up like this and planning to change mid stream? Or have you already settled on the property?