Onto SMSF property no 2. Looking to Flip one in Brisbane south. Open to this region as we live nearby and do not want to travel too far. Looking at Slacks Creek, Kingston and surrounds. If anyone has some recent experience I would love to hear it. The numbers …..purchase $180K hold for 12 months. Nothing too fancy just quick CG to turbo my super. All ideas mostwelcomewelcome
Obviously need to factor in the set up costs for the SMSF Finance into your numbers but other than that ii can't see an issue as long as you are not seen to be running a business.
Remember concessional CGT is only 10% inside a SMSF where the Asset is held for > 365 days.
Also CGT calculated on Contract date and not Settlement date.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
If your SMSF is in Pension phase then your SMSF should not have any tax to pay on the sale
How confident are you that you'll be able to find a property worth flipping in Logan at that price? The market seems pretty flat and doesn't look like its changed much in the last three years.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Thanks all for your comments. In answer to all your questions. The SMSF already to go. We are in accumulation phase and have a brilliant acct who is very SMSF savvy.
with regards to my confidence. It is a case of jump in and do it. I am fanatical with my research and currently being mentored by Positive Real Estate. I am taking a lot of ques from the market. The reserve bank leaving interest rates is encouraging IMHO.
Frankly the prices down that way are very cheap compared to other capital cities in the 10-20 km radius. I lived in Sydney for 8 years so everything in Brisbane is value buying. May not last for long.
Thanks again. Really looking for some first hand experience…….
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