info on property investment tax... - PropertyInvesting.com

Viewing 8 posts - 1 through 8 (of 8 total)

powmow
Member
@powmow
Join Date: 2003
Post Count: 91
September 9, 2004 - 8:43 am
g’day guys,
i joined this site a while back but haven’t been here for a while.
when i left i was doing my diploma in Real Estate at TAFE, which i have now completed. i have realised that i do not want to go into real estate.
i have been working with my brother who is an apprentice builder and i cant get enough of it!
i have always loved property but i think i just started on the wrong path.
my plan is to do an apprenticeship and then properties, renovate them and sell them (i know its not very original, but i love the idea!).
what i was wondering was if i only owned the one property would i have to pay the 2-2.5% (i’m not sure of the rate) property investors tax?
any replies would be greatly appreciated.[biggrin][biggrin]
geo
Member
@geo
Join Date: 2003
Post Count: 1,194
September 9, 2004 - 11:28 pm
Originally posted by powmow:
what i was wondering was if i only owned the one property would i have to pay the 2-2.5% (i’m not sure of the rate) property investors tax?
never heard of it…
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kay henry
Member
@kay-henry
Join Date: 2003
Post Count: 2,737
September 10, 2004 - 12:20 am
powmow,
If you buy an IP in NSW, and you sell it for more than 12% (net) profit, then yes, you have to pay an exit duty.
kay henry
powmow
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@powmow
Join Date: 2003
Post Count: 91
September 10, 2004 - 2:23 am
thanks for the reply kay henry,
does the 12% net profit take into account building materials or anything like that needed for renovation?
and is the rate around 2%?
thanks again…
powmow
Member
@powmow
Join Date: 2003
Post Count: 91
September 11, 2004 - 6:18 am
does anyone know the answer?
Mortgage Hunter
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@mortgage-hunter
Join Date: 2003
Post Count: 3,781
September 11, 2004 - 6:32 am
Originally posted by powmow:
thanks for the reply kay henry,
does the 12% net profit take into account building materials or anything like that needed for renovation?
and is the rate around 2%?
thanks again…
I believe that it doesn’t….however if it is established as your PPOR then the sales duty does not apply.
Cheers,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985
NODOC Loan – 65% Loan – No questions asked! 6.85% Rate!!
Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
powmow
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@powmow
Join Date: 2003
Post Count: 91
September 12, 2004 - 10:18 pm
thanks for that simon!
Derek
Member
@derek
Join Date: 2004
Post Count: 3,544
September 12, 2004 - 11:27 pm
Hi powmow,
Try this link for some more information.
http://www.osr.nsw.gov.au/pls/portal/docs/page/downloads/other/vendor_duty_factsheet.pdf
or this one
http://www.osr.nsw.gov.au/portal/page?_pageid=33,193927&_dad=portal&_schema=OSRPTLT
Derek
[email protected]
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