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Thanks for the reply most appreciated. Apologises I didn't mean that I would be living in the property. I just meant that I would continue to rent it out on a short term basis. Cheers

Hi everybody, I have a question in terms of a potential purchase of a property through our SMSF. Currently the property is a holiday rental and is rented to many different people throughout the year on a short term basis (i.e. days or weeks at a time). I would be looking to using the...

Hi guys I purchased my property a few years ago which has the original mortgage amount I originally borrowed. (ie. 250k). Then a couple of years ago I undertook a 150k renovation utilising the equity I had in the home resulting in current mortgage increasing to 400k. I have lived in the...

Thankyou all for the responses. How would one go about nominating the main residence exemption from one property to another. In that I want to sell property one in the next couple of months but then want to also sell property 2 the following year. Given that with property one I...

Hi Terry To be completely honest I am not entirely sure as it was quite some time ago. However from memory the accountant recommended that we do it that way. I would ask the accountant however he is no longer practising

Hi No my wife has always been on the title of property 2. However she never had a property before.

Hi everyone I was wondering if anyone maybe able to provide me with some guidance in terms of the options we have available to us. Here is a brief description of our situation: Property 1: a. Purchased my first home in Melbourne in January 1993 (ie. in my own name) for a $93,000. I...

Purchase through a SMSF Hi Paul Thanks for the reply. No offence taken I read your post and found it quite funny. To be honest the detail contained within my post weren't clear and I could have made a better attempt. Answers to your questions are as follows: - Your mother born of...

Thanks again Paul for the reply most appreciated. Just to clarify my step grand father had two other children (ie. 2 sons) with my mum being one of them. However my grand father was not my mum's real father and she only became part of the family when my grand mother married him. (ie. my...

SMSF purchase Hi I was just wondering if anyone was able to provide me any further clarification. Since my first post I have found out that the information I had stipulated in the first instance was slightly incorrect and is a little more complicated than what I had first thought. In...

Thank you Paul for the reply. Given you response it would appear that there is no definitive decision from the ATO and that this area remains unclear. Subsequent to my original post I have since being advised that the executor of my Step Grandfathers estate is his son (ie. making him my...

Cheers Terry thanks for the links. I may have to consult someone that understands the acts from a legal perspective. As I have being asked if I would like to purchase a property which is part of my deceased step grandfather's estate. To be honest I am no legal person and still cannot...

Hi I have been reading material on the forum posted in regard to the purchasing residential property through a SMSF. However I have a couple of specific questions that I was hoping to obtain anwers for. I appreciate that the laws surrounding the purchase of a property through a SMSF is...

Good afternoon all Thank you for all your replies most appreciated Have a good weekend

Thanks Marg for your reply most appreciated. Could I just clarify something with you. In terms of property 1 given that I lived there for approx 2 years (ie. from January 1993 to February 1995) would that mean that the property is therefore exempt from CGT tax until 2001. If the...

Hi everyone I was wondering if anyone maybe able to provide me with CGT advice and what we maybe subject to pay on two separate properties Here is a brief description of our situation: Property 1: a. Purchased my first home in January 1993 (ie. in my own name) for a $93,000 where I...

Hi guys I was hoping that someone on the forum could offer me some advice. Over the last few years I have been involved with a business venture which has been reasonably successful up until now. Unfortunately over the last few months my company attempted to expand without success...

Cheers thanks for the information I really appreciate it.

Thanks again for the reply. Appreciate that I may require additional information. However are you able to give me an idea as to how I would work out the capital gain based on the information I detailed within my original post. Just after a rough idea at this stage Thanks

Hi thanks for the reply. I don't have this sort of information at hand at the moment. However was just hoping to roughly workout how much we would be required to pay (ie.to give us an rough idea) Therefore just trying to understand how I use the information I have detailed above to...