在澳大利亚 Is loan insurance tax deductable? I have taken out loan insurance on a new loan, $225 month covers 2.5 years of illness and payout of loan on death. Because of age (50s) I decided to take it out knowing there is a 21 day cooling off period f Hi all, My hundred year old IP is under a big renovation and will be ready for rent soon next couple weeks. Just recently discovered what depreciation is I should have the report before reno as well, not only after completion. What a stupid
I am hoping if proffesional investors could help. I am looking for abig piece of land and then sub-dividing. WHat are the expenses involved in terms of council fees and other fees. what should be my ball park figure....
how much does it cost 2 build a 2-3 bedroom unit at rear. I can;t get myhead around..
what is capital gain tax?
i stay in a new house (6 months old) and looking for an investment property. My idea is 2 move into the house and rent my prime residence (better for tax purposes). WHilst i am in invesgtment property i cud build a unit at the back.
Is that a good thought?
How is Seaford or Carrum for an area in Victoria.
In a nut shell, as a first time investeor what shud be do?
manish.verma said: ↑
In a nut shell, as a first time investeor what shud be do?Click to expand...Slow down and don't panic.
how to not panic?
when seasoned investors snap everything and leave you with nothing but licking fingers
We bought a house on a big block (1400sqm) last year and have subdivision approval now. Its our first 'investment' house. We'll probably build something on the other side and then move into it (mainly because it is the cheapest, easiest option and you don't even need a removalist). We are living in the existing house at the moment so if we sell it it will be CGT free and will pay for building a new IP next door as well as giving us a huge deposit for a new PPoR. We're grooming the existing house to be the perfect retirement home in the country and have decorated it with old fuddy duddies in mind. Its ... really nice but boring.
Seasoned investors don't snap them *all* up. Ours was for sale for about a year before we bought it. It wasn't a complying subdivision but being only a metre out, they approved it anyway. It just took us 5 months waiting for a plumber to get the house replumbed and the water connected, and we're still waiting for the electrician to come back and finish the last few rooms in the rewire. Can't rush these things now ...
so whats with the CGT free. How does that work. Can you please elaborate. May be with an example many thanks
manish.verma said: ↑
so whats with the CGT free. How does that work. Can you please elaborate. May be with an example many thanksClick to expand...CGT is (relatively) simple.
If you buy something, then sell it and make a profit, you are taxed.
If you have held the something for over 12 months, you get a 50% discount.
If it is your own home. you don't get taxed (CGT free).
The Y-man said: ↑
If it is your own home. you don't get taxed (CGT free).What by definition is "your own home?"
The Y-manClick to expand...
Mindmaster said: ↑
What by definition is "your own home?"Click to expand...The home you claim as your residence for tax purposes. usually the house you are living in (as long as you own it)
farmilor said: ↑
The home you claim as your residence for tax purposes. usually the house you are living in (as long as you own it)Click to expand...That raises and interesting point for expatriates who don't get taxed in Australia.
I'll start a thread in the legal section of the forum.
Thanks for the comments.