JP

Thats something to ask your accountant, but I would suspect you could claim it, depending on how long ago your loan was taken out.

Terryw
Discover Home Loans
North Sydney
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I think I have read somewhere that the CGT exemption can be lost completely if the home was used for income producing purposes, whether claimed or not, no matter what percentage of the property was used.

Terryw
Discover Home Loans
North Sydney
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Before switching to finance, I spent 6 years in the Aust Federal Police. I was an Austrac ‘expert’ and read suspicous transaction reports daily. These are reports usually filed by banktellors, or foreign exchange office staff. They can report anything suspicious, like a customer sending money overseas and looking very nervous; someone coming in with $9800 each week to deposit etc (thinking they will not be reported).

This has nothing to do with loans, usually. But a mortgage broker, or bank officer etc could submit a suspect transaction report if htey were suspicous of the identity, or other of the client.

Terryw
Discover Home Loans
North Sydney
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Many can now get finance, but the rates and conditions can make taking up a wrap cheaper.

eg. a 90% low doc loan with GE. The rate is about 10.65%, you must still put up 10% deposit, plus they have huge upfront costs and exit fees. And then there are the postcode restrictions.

All this makes wrapping look good, esp if you will be charged about 9.5%, with no exit fees.

Terryw
Discover Home Loans
North Sydney
[email protected]

Bankruptcy is a long and complex process. It would probably take up to one year for someone to force you into bankruptcy. If they do, then it is basically over for them, so it is in their interest to keep you out of bankruptcy. They may accept to settle for a lower sum, or may accept payments in installments.

Go to your local library, and have a look in the legal section, there will probably be books on this topic there.

Also have a read up at http://www.itsa.gov.au so you know the process of bankruptcy.

I was in hte process of chasing a debt with the intention of bankrupting the person, but in the end I accepted an out of court settlement for a lesser sum – just to speed things up to reduce costs. It is better to get sometihng than nothing.

Terryw
Discover Home Loans
North Sydney
[email protected]

http://www.gatherumgoss.com look for Dale’s book on Trusts, called trust Magic.

Terryw
Discover Home Loans
North Sydney
[email protected]

Munjy

CGT would be payable on what you paid for the property, including any rebates. Stacking the contract would not be required, but may be helpful in getting a higher valuation.

I have a client who pays cash for his proeprties without stacking and he received a valuation 20% higher than purchase price.

Thanks hellman

TMA, Thanks.

Terryw
Discover Home Loans
North Sydney
[email protected]