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Reply: 1.1.1.2.1.2.2.1.1.1.1.1 From: Dale Gatherum-Goss Hi Michael! Thanks for explaining my thoughts, wasn't doing a very good job. You wrote: But now I have a question. In scenario #3, I wonder if the ATO will treat the deposit and payout lump sum payouts as capital gains or as income...

Reply: 1.1.1.2.1.2.2.1.1.1 From: Dale Gatherum-Goss Hi Mike >Thanks for the spreadsheet. >Hopefully, commonsense >prevails and the ATO accepts >the Pay As You Go scenario. No worries, I thought it might help a little to show how I interpret the tax office position. >Your Scenario 3...

Reply: 1.1.1.2.1.2.1.2 From: Dale Gatherum-Goss Hi Jas The tax act, as a general rule, does not allow you to be taxed on the same income twice. Therefore, although a wrap transaction might show a Capital Gain this is not taxed if you show the same amount or more as ordinary income over the...

Reply: 1.1.1.2.1.2.2 From: Dale Gatherum-Goss Hi Mike Thank you for your kindness. I have done very little other than share information and thoughts just as everyone else does. I have attached a spreadsheet that I have prepared which hopefully will explain how the tax office see the income...

Reply: 1.1.1.2.1.1 From: Dale Gatherum-Goss Hiya! I'm not convinced their interpretation is correct. As I understand it, common law in Victoria anyway, may not allow you to wrap the property anyway if there is an existing mortgage on it already. Besides that, remember this is still a VERY...

Reply: 1.1 From: Dale Gatherum-Goss Hi Here is my summary of the tax office draft position paper. I hope that you find it helpful Dale

From: Dale Gatherum-Goss Hi I thought I'd let you know that I've just received something that does not officially exist. The tax office are preparing a "position paper" that deals with wraps and I have received an advance copy to review. It's 17 pages long and I'll have a good look tonight...