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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Thanks CATA
Here is the link on the somersoft forum:
http://www.somersoft.com/forums/showthread.php?t=24292

Now that the NSW OSR is assessing Unit Trusts as they are other trusts, then the main advantage (alleged) of the PIT is gone.

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Coasty Mike is located just North of Sydney

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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.

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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 held it more than 12 months, this is reduced by 50%
= $75,000 taxable capital gain.

If you are the sole owner, then this would be added to your other income, and you would pay tax accordingly.

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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.

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The trouble with using a company is that you lose the 50% CGT reduction and you can only distribute profits to shareholders in accordance with their percentage ownership. The shares could be owned by a trust thought, but you would still lose the discount of CGT.

So you had better look into trusts. At least do some preliminary research

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No reason for the properties to be cross collateralised.

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RAMS also have another mortgage insurer, in addition to PMI and Genworth, the 3rd one being Prime.

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I think it would work like this:

Capital gain = $1000. This is distributed, if to an individual, then the person will get the 50% reduction in CGT, and this will become $500.

The remaining $1000 will be an asset of the trust, but it still has the $1000 loan, so it could pay this back, or keep the money, and pay the loan back later.

For a unit trust, the $1000 CG would have to be distributed to unit holders based on the percentage of ownership.

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