Buyers Advocate Melbourne

Now is that time to gather all those receipts and expenses for tax time.

For updated information on deductions for the 2010 / 2011 financial year, see Rental Property Deductions.

Frank Trotta from F Trotta & Co today talks about capital gains and what the implications are.

This includes capital gain rates and the recommended hold period.

This is part of our videos covering Tax questions.  If you like anything else answered,  just let us know.

Over recent months we have seen a steady increase in the number of clients that want us to buy property through their self managed Super Funds.

It appears one of the main benefits of doing this is to avoid paying Capital Gains Tax when it comes to realising the asset, this can only be done once the members of the Super Fund are over age 60. Disappointing for those of us not quite at that age.

If you are planning on buying property through your Super Fund, we would suggest that you seek advise from a Financial Advisor as there are many pitfalls in this relatively new area of Super.

One such area catching out investors is buying a property with more than one title. Most apartments will have a main title and a accessory title for the carapace or locker. If the property does have more than one title, further backend work is required by your Financial Advisor in the set up of your Self Managed Super Fund.

Be mindful that your Self Managed Super Fund needs to be set prior to buying a property.

We expect to see a dramatic rise in the number of people using this system to avoid capital gains tax.