Partner with separate finances

Hi all,

My partner and I live together but maintain separate finances. We contribute equally to rent and bills. Neither of us has owned a PPOR although we both independently owned IP's.

Now I'm looking to buy a property which will be our PPOR, at least initially. My partner plans to buy another IP and would ideally continue to pay rent to me when we live in the new property. My questions are:

1. If receiving rent, does this mean I will have to pay CGT if I sell the property in the future.

2. The FHOG web site is pretty clear that we'd be classified as a couple and are only eligible for one FHOG. This would mean that if our relationship was to end and my partner was to buy a PPOR in the future she would not be eligible yet would not have had any ownership in this property. Are there exemptions to the 'couple' rule for FHOG?

People may find it distasteful that we wish to keep our finances separately however we have our reasons, largely based on past experiences and it is very much a mutual decision.

Thanks to all who reply.
 
Hiya

There is nothing bad about you wanting to keep ur finances separate, its just a preference.

The FHOG thing, I suspect will be ok. If the person has never been on title for a PPOR and even though they may have had beneficial ownership, the current FHOG process doesnt ask about previous beneficial ownership, rather only actual.

I could be wrong on this though, so some other views would help the both of us.

CGT would only be an issue if you declare the rental income and make a dedn of the interest etc ????????

ta
rolf
 
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People may find it distasteful that we wish to keep our finances separately however we have our reasons, largely based on past experiences and it is very much a mutual decision.

We are the sum of our experiences. There's no right or wrong and what other people find distasteful is their problem not yours.
In your situation, I would do much the same, based on my own experiences.
 
I've been married 20 years and we've always had seperate bank accounts. My wife would spend money on things I think are crazy - not expensive stuff, just stuff I'm not into. And I no doubt spend money on stuff she would think is dumb (but of course isn't). Not really knowing what eachother spends works well for us.
Scott
 
Thanks for the replies people.

Hiya

CGT would only be an issue if you declare the rental income and make a dedn of the interest etc ????????

Yes - strictly speaking, isn't that what I'm supposed to be doing? How would I explain a regular payment of $800/month if I was to be audited?
 
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