Do I have to pay Capital Gains Tax?
Q. Our son has just purchased a unit as owner/occupier but cannot move in until current lease period has expired, which is 14/01/09. Does this preclude him from the capital gains exemption as an owner when he does finally sell, after one year of ownership of course.
Josie’s answer: Capital Gains Tax is a confusing area of tax law and it is really a question that needs to be directed to an accountant. Anyway, I will give you my understanding of the way it may apply to your son’s situation. He may be subject to some capital gains tax, however it will be pro-rated when he sells. For example, if he Read more
I am separated and never received First Home Owner’s Grant. Do I qualify?
June 1, 2008 by Josie Kay · 4 Comments
Q. I’m 56 years old, separated and I want to buy a unit. My husband brought a house before we met. When we brought a house together we were not entitled to the first home buyers grant because he used it when he brought his first house. My question is: am I entitled to the grant, because I have never technically had one.
Josie’s answer: I can understand why you are keen to explore the possibility of obtaining the first home owners grant which is currently $7,000. It would certainly help to buy the unit you are interested in purchasing.
The First Home Owner’s grant is a Federal government initiative and administered by each State and Territory. From my understanding of the rules, if your ex-husband owned a home before you were married, technically you did not hold a relevant interest, i.e. your Read more
We’re Having Trouble Saving for a home - Any Suggestions?
March 7, 2008 by Josie Kay · Leave a Comment
Q. My wife & I are finding it very difficult to save for a deposit on a new home. Any suggestions?
Josie’s Answer - This is a very daunting task considering that most new borrowers need to save approximately 10% of the home value in order to get into their first home.
You should you think about opening a high interest savings account (see Rate City) and have a portion for your salary (at least 10-20%) automatically transferred into this account each month. Read more
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