He said the 6 year rule its only for ex pats. I am not an expert basically all i can argue is my small opinion
6 year rule on PPOR
- Thread starter Melvin257
- Start date
Unless you're leaving something out, this is not complicated and he sucks, big time.
Offer to not pay the bill in exchange for not reporting him to his professional body.
Utter incompetence. That rule is not just for expats. You could move down the road and the rule would apply.
Ask him where in the legislation does it say this?
Its the vibe....Sad to say I see this many times a year. Question : What else is wrong ?? You wouldn't know. I had a SS person approach me. Had years of accum losses while he was expat. They told him losses are lost when he comes home. They also told him he had a non-discount CGT event. I told him to get a valuation and tax on it was halved. And offset by the losses I checked and was satisfied were real. Then I found they hadn't claimed Depn for two years. End result. Saved $60K tax. Still had losses left.
I will upset Gary again but I say all the time there are heaps of numpty accountants who know jack about property and taxes. Use a property focussed tax practitioner if you own a IP.
I will upset Gary again but I say all the time there are heaps of numpty accountants who know jack about property and taxes. Use a property focussed tax practitioner if you own a IP.
Yes Mike spot on. You can move back in with mum and dad if you want. Its very common actually. I was just reading stats that suggested a large % of new buyers will move out within 18mths. Apparently it used to be very low % but is now around 15%+. Especially Sydney due to high prices. Catch can be land tax however but for a single property its unlikely.
I am a bit confused. Sounds like the accountant gave you advice that the property was CGT free and then tells you you have CGT to pay?
To the OP - it is important to remember that you only pay CGT when you sell the property so unless you sell/ intend to sell the proper does it really matter?
To the OP - it is important to remember that you only pay CGT when you sell the property so unless you sell/ intend to sell the proper does it really matter?
Yes you did upset me - One bad egg should not taint all of the other great accountants.
I don't quite get the point of you bagging most other accountants all of the time. Why not just stick to giving your generally very good responses and leave it at that?
