Hi folks,
This is the first time I've had to think about minimising my tax bill (yay?). I'd love some help pointing me in the right direction for good, legal, ways to reduce my tax.
Key points:
- CGT event this year made about $200k capital gain
- I'll get most of the 50% CGT reduction
- I have one IP that I will pre-pay interest for (approx $15k)
What are some other things I could do? I'm not interested in paying into my super. If I thought anyone would give me a margin loan I'd think about buying some managed funds and pre-paying interest on that too. But I doubt anyone will lend me any money for anything (unemployed, living overseas).
Also, a side question, if you pre-pay interest on an IP to reduce your tax bill, but then you sell the IP, does that create any tax issues?
Cheers, Luce
This is the first time I've had to think about minimising my tax bill (yay?). I'd love some help pointing me in the right direction for good, legal, ways to reduce my tax.
Key points:
- CGT event this year made about $200k capital gain
- I'll get most of the 50% CGT reduction
- I have one IP that I will pre-pay interest for (approx $15k)
What are some other things I could do? I'm not interested in paying into my super. If I thought anyone would give me a margin loan I'd think about buying some managed funds and pre-paying interest on that too. But I doubt anyone will lend me any money for anything (unemployed, living overseas).
Also, a side question, if you pre-pay interest on an IP to reduce your tax bill, but then you sell the IP, does that create any tax issues?
Cheers, Luce