i like coffee » user profile
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Status | In Penalty Box. |
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Member Since | 02/02/2021 |
Last Seen | 30/08/2021 |
Badges | 1 |
Location | Melbourne |
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You're welcome to down vote but it's clearly stated here: https://community.ato.gov.au/t5/TaxTime/Gifting-a-large-sum-of-money/td-p/106196
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That doesn't sound right. The ATO state that if money is gifted for personal reasons, it's not considered as taxable income. However, if…
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We don't have a gift tax in Australia. CGT & stamp duty are unavoidable when transferring property, unless it was part of the will of my…
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Unfortunately this seems to be the cost of transferring ownership.. unless it's done as inheritance when the surviving parent passes.…
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The investment loan would be used to pay for the value of the investment property ~$500k. The inheritance gift of money would be equivalent…
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Thank you. Definitely with the pandemic and low vacancy rates, it would be considered high risk even if we can show that it's been…
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Thank you. My preference originally was to take an investment loan to purchase the property, transfer the value of the property to the…
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I offered to manage the property for the surviving parent when it appeared stressful for them. However they prefer to start distributing…
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Thank you, this is what I was thinking before they decided to gift me the property. Take an investment loan to purchase the property. The…
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It is being rented out.
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You're right that the total amount of debt is the same. However a PPOR has a lower interest rate & isn't something that you can claim back…
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They are gifting it to me. I don't **have to** take an investment loan. I **want to** take an investment loan so that my debt is split…
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That is the scenario that I want to do. However, I'd like to minimise the CGT that they need to pay. I'm also unsure of the rules around…
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Thank you, yes I'll need to budget for this annually. Maybe $10k set aside.
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You are correct that I have below average financial intelligence. Scenario A) is correct. There is no need for the investment loan. However…
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thank you, looks like stamp duty will be ~$25k
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Sorry the scenario I explained may not have been clear. I've updated with more details.
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i like coffee posted a forum topic Inheritance of Property - Investment Loan
One of my parents passed away and they owned a 2 bedroom apartment in Melbourne. Having to deal with a demanding tenant (via a property…
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The footing is over the boundary by a significant amount. Cutting the footing may impact the stability of the structure - we're unsure of…
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> Firstly what is the issue with it? We are planning to renovate and build on the boundary. This encroaching structure impacts on that. The…
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i like coffee replied to
Gnilgorf on Melbourne - Council - Encroaching Structure Built without Permit
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Thank you for your response. > Two items here, the first of which is the fence misalignment and secondary is the structure which…
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> I guess I was too excited to find openly minded people living here given the other places nearby achieved it :( Why didn't you purchase…
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Have you taken time to understand your neighbours and why they've chosen to live in these units? This may not be an entry-point to the…
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i like coffee replied to
WreckTangle on Melbourne - Council - Encroaching Structure Built without Permit
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I've previously stated that in my opinion the structure is encroaching on my property. I haven't stated this as a fact as the council…
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Same logic applies, *owner-occupiers* would still play the system in favour of investors. The bigger problem is property ownership. If…
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i like coffee replied to
Pete10001 on Melbourne - Council - Encroaching Structure Built without Permit
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I thought that councils love to issue a *'notice to comply', especially when they can threaten the owner with a fine. I've even received…
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> I'd rather China control the councils than the Greens… Have you really **thought** this through?
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I don't follow your logic on this one.. Ideally everyone would be able to own the property that they live in.. but by inflation of property…
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i like coffee replied to
ozboygsl on Melbourne - Council - Encroaching Structure Built without Permit
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Were you replying to *WreckTangle* or my response? If you were replying to me, what part about the comment was *"idiotic"*?
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i like coffee replied to
WreckTangle on Melbourne - Council - Encroaching Structure Built without Permit
![](https://files.ozbargain.com.au/u/23/194823-20.jpg?h=5d8c3578)
@WreckTangle: > So, you’re trying to make your neighbour financially liable for a structure they didn't build. I'm not trying to make my…
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