Recent content by magich2o

Forgetting the FHOG for a moment, there's another reason why you would like to get a child to buy the property. If the parent has a PPOR and then moves to a new house, and then if they bought the new house under the child's name, they'll get to treat that property as a PPOR. Now, as long as...

Got a quick tax deduction question: If I own (in my name) the investment property but purchase the insurance policy under joint names (ie mine and my wife's), am I eligible to deduct the 100% of the policy premiums as a tax deduction? Or am I only eligible for 50% as the policy is under both...

Assuming that we can verify, by looking at similar properties, that the fair market value is $240. Then, in Alan's case below, should the fair market value then be based on $240 or should it be reduced to $223 (assuming that average agent mgt fee is 7%)? We can then reduce that a little due...

I always put in "As per displayed in other apartments/units/showroom" or similar for the dishwashers, etc but it could be kind of difficult if the OTP apartment does not have anything available for display when you purchase.... Cheers, Magic

Thanks all for your valuable input - I think Kev's got the best suggestion, which is to hand number ALL pages and adding "End of Contract" to the last page on ALL copies of the contracts, and ensuring that the vendor returns a copy of the handnumbered contract. I sure will be doing that from...

Typically, if we want to buy a property, we would sign the contract first, pass it to the vendor (via the agent) and then if our offer is accepted by the vendor, they'll sign it and then give us back a copy. Now, what happens if the vendor decides to, without telling you nor the agent: 1)...

Whilst bank statements etc would be helpful, it would also be useful to grab hold of a number of real estate rental valuations for your property as well as sample rentals of similar properties.

Unfortunately, I believe that you are up for CGT for a proportion of 5 out of the 10 years. If you moved in immediately after purchasing the unit 10 years ago, moved out and then moved back in 5 years later and did not have another PPOR during the 5 year absence, then no CGT payable...

I'm going out on a limb here and sounding dumb but what are the things you can do to protect the assets? From what I've seen on this forum, family trusts appear to be the way to go - what are the other typical approaches that you could do? Magic

Thanks for your replies! Does anyone know of a QS or someone who consistently values a property high (does real estate agents count???) for a property based on Oct 01 values and hence, will give a high enough value to get me a CGT-break or even a capital loss!! Or are there any other...

I'm trying to work out the CGT payable on my old house which used to be a PPOR. Say, - House was bought Oct 2000 for $200k, - Ceased to be a PPOR on Oct 2001 (when the market value was $275k) - Sold in Oct 2002 for $300k. Typically, the assessable value would be $50k (representing the...

Sorry.. have updated my profile - it'll help if we make the Location field mandatory.... As for stamp duty, check out the following extract from the Duties Act 2000: (http://www.dms.dpc.vic.gov.au/l2d/D/ACT01816/2_0.html) (3) No duty is chargeable under this Chapter in respect of a...

Hi all, I've been a lurker for awhile and have found this forum to be really useful... I've got a few queries that I hope someone can answer. If a property was sold from one spouse to another, can the recipient spouse then refinance the house to the full current market value and then...