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bare in mind that although you can "redraw as much as possible to purchase a house" you will not instantly be able to claim a new greater amount of debt on the flat as a deduction. You will only be able to claim the interest on 50k. You would be better selling the unit (taxfree gain) and then...

Hi Scott I live in Hampton which would fit the bill precisely, reasonable blocks close to the beach without the brighton pricetag, 23 mins to the city on the train too - if you have about 750k that should get you something pretty ok for a family and its come off in value a little lately...

Hi folks this is something im just tossing up at the moment. I've just sold my ppor and will have just over 1m in cash to either buy another or rent. What would you knowledgable people do in my position? HT

yep I've had a tennant do the same No downside, but I did give the tennant some discount peelsman

I can offer some insight into this (no from my own point of view unfortunatley) but from the perspective of my old man. He's been buying property for quite some time and hasnt "worked" for the last 25 yrs, but still has to follow up all the associated stuff with owning ip's. It hasnt been a real...

mate, he saw you comin' HT

have a look at this post ww http://www.somersoft.com/forums/showthread.php?t=16304&highlight=inflation at the affect that inflation has on a dollar over time.... buiding depreciation is a gift despite having to add it on to the cost base when you sell. HT

I beleive the cheaper flats are not bad (first homebuyers) but the expensive townhouses, houses and especially flats have copped a huge walloping. He gave me the example of a townhouse purchased new 6 yrs ago for 580k went to auction and they got no bidders on a reserver of 490 or something...

Spoke to 2 agents that I trust and one said "this market is s@#$" the other said "this market is f@#$$$". I said to him I havent seen it this bad in the 7 yrs I've been buying property, he reckons "forget 7 yrs, the market hasnt been this bad since 1990, there are NO buyers for some property!"...

This move by the feds will be a great thing for all. If this gets through the onus will be on the bankrupt to prove that he did not move assets into family members names to avoid claim by creditors. I believe there will be power to go back up to 10 years to allow creditors to get their money.. a...

thats true jase double the average wage wouldnt be double the average wage as everyone would earn it, but I believe the average wage is a fallacy anyway....because there is so many people (tradesman in particular) who declare only a small proportion of their wage. A couple of my mates only...

Jase If I can earn double the average wage then there is no excuse for anyone else. I failed year 11 and was consider dumb at school, so im going to go out on a limb here and say that anyone who cant earn above the costellos new top rate is either lazy or is not too concerned about money...

but the difference is Ben you can always fall back on being an actuary and they earn a sh@$ load. Even your p/t work would be as much as the average wage.. HT

Hey jun If i were you I'd finish your degree and get a job in IT. It still a reasonble gravy train and you'll be earning top money in no time and if you really want then you can save like buggery and start looking for bargains in the buyers market that should last a few years??? Im in IT to...

sort of.... eg if you have a taxable income of 50k and then you have a CGT event of 50k, you then pay tax on 75k(assuming 12 months of ownership) for that year, with the amount above 62.5k taxed at 48.5c (well this fin. yr anyway) ht

regarding melbournes prices....in the bayside suburbs I have seen some house on the market for 4 months, after being passed in at auction. If its A grade stock it will sell, but anything that has negatives, anecdotally I would say a 10-15% drop since last year funny the stats I read havent...

Hi All, I have read some posts on transfer between spouse, but I am still confused and need some advice. My wife and myself bought a PPOR in NSW during 1993 in joint names for 114k using an 80% bank loan ~ 91k. We moved out in 1997 and it has been rented since. The property in now valued at...

thanks for the info Dale

Harris you should get a valuation from a reg. valuer or alternatively show evidence of past sales that would indicate price, (Could be ugly in an audit however)at the time of transfer and then (assuming these were income producint assets) you will be slugged for CGT...as far as i understand...

Hi folks I recently transferred my wifes property into my name, that was in her maiden name and purchased before we were married. As im in vic, there was no SD (love and affection??). We obtained a written valuation from a registered valuer so this was "at arms length". She incurs the CGT of...