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Mugabetown - Whoretownin' At It's Worst.

t5iv

By t5iv,
in Queensland

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FYP

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Some bored car photos from today

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Become a member, you tight-a*se

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Melly Grand Master

Melly

Posted
Posted

Colin... how big is the garage for later storage? :)

^This is important... lol

My requirement was double garage attached to house plus room for at least another double garage in the yard... Until we upgrade in which case it will be even bigger :)

sneakey pete Grand Master

sneakey pete

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Posted

not entirely accurate. Should u purchase a primary place of residence and rent it out you will not be subject to any CGT should you elect that property to be your main residence.

Ah, so if you Buy a house and rent it out, yet still live in rental yourself, you can count your rental as your primary place of residence? Would this not cause... certain issues, if the tax department ever decides to check up on it?

Ants Grand Master

Ants

Posted
Posted

Ah, so if you Buy a house and rent it out, yet still live in rental yourself, you can count your rental as your primary place of residence? Would this not cause... certain issues, if the tax department ever decides to check up on it?

that is accurate. No CGT on main residence.

How can you pay CGT on an asset you do not own?

TREGTR Grand Master

TREGTR

Posted
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^This is important... lol

My requirement was double garage attached to house plus room for at least another double garage in the yard... Until we upgrade in which case it will be even bigger :)

Excellent priorities - planning for future car family expansion lol

Beelzebub89 Grand Master

Beelzebub89

Posted
Posted

FYP

Nice yes this.

Colin... how big is the garage for later storage? :)

Only downside to the place. Single lock up and 1 car space in the complex. Confirming at the moment whether the car space is on the title. It comes up on the RP Date report but unsure if it's on the title.

i wished my garage waz huge with hoists and awesome tools

This is the plan. I really want to design & build my dream house so this is definitely on the cards. Sheds etc depend on where said dream house ends up. I'd really like to do an epic basement. 3m ceilings with everything supported from the external walls. No columns!

^This is important... lol

My requirement was double garage attached to house plus room for at least another double garage in the yard... Until we upgrade in which case it will be even bigger :)

Yeah until that time I have mum n dads place which is full of my cars and shit anyway.

Ah, so if you Buy a house and rent it out, yet still live in rental yourself, you can count your rental as your primary place of residence? Would this not cause... certain issues, if the tax department ever decides to check up on it?

Won't cause any issues with the tax department unless you're claiming it wrong. You can claim a portion of all the expenses associated with the house depending on how much is rented out etc. So we were going to rent out 3 bedrooms in a 5 bed house and claim around 66-75% of the costs. Now we are looking at not living in it at all lol and just renting the entire thing, f**k it.

Ants Grand Master

Ants

Posted
Posted

Nice yes this.

Only downside to the place. Single lock up and 1 car space in the complex. Confirming at the moment whether the car space is on the title. It comes up on the RP Date report but unsure if it's on the title.

This is the plan. I really want to design & build my dream house so this is definitely on the cards. Sheds etc depend on where said dream house ends up. I'd really like to do an epic basement. 3m ceilings with everything supported from the external walls. No columns!

Yeah until that time I have mum n dads place which is full of my cars and shit anyway.

Won't cause any issues with the tax department unless you're claiming it wrong. You can claim a portion of all the expenses associated with the house depending on how much is rented out etc. So we were going to rent out 3 bedrooms in a 5 bed house and claim around 66-75% of the costs. Now we are looking at not living in it at all lol and just renting the entire thing, f**k it.

pls be very careful with what you are claiming as a deduction. Plus there are tax rulings in place for situations like yours that can have major adverse tax effects ie cause the MRE to not apply
t5iv Grand Master

t5iv

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Nice yes this.

Only downside to the place. Single lock up and 1 car space in the complex. Confirming at the moment whether the car space is on the title. It comes up on the RP Date report but unsure if it's on the title.

This is the plan. I really want to design & build my dream house so this is definitely on the cards. Sheds etc depend on where said dream house ends up. I'd really like to do an epic basement. 3m ceilings with everything supported from the external walls. No columns!

Yeah until that time I have mum n dads place which is full of my cars and shit anyway.

Won't cause any issues with the tax department unless you're claiming it wrong. You can claim a portion of all the expenses associated with the house depending on how much is rented out etc. So we were going to rent out 3 bedrooms in a 5 bed house and claim around 66-75% of the costs. Now we are looking at not living in it at all lol and just renting the entire thing, f**k it.

Can hook you up with good accountants if required.

TREGTR Grand Master

TREGTR

Posted
Posted

Only downside to the place. Single lock up and 1 car space in the complex. Confirming at the moment whether the car space is on the title. It comes up on the RP Date report but unsure if it's on the title.

Would be a big value add for extra car space :)

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