emigrating to other countries
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Originally posted by Daddy!!:
you dont know the main reason why Jim Rogers decided to settle in Singapore. full stop.
And because of your attitude, you won't know either.
Jim Roger is here because Singapore boleh!! :D -
Originally posted by fishbuff:
$6k for residential property.
$12k for investment property.
dont forget the $7k grant if u are buying it for the 1st time. interest paid on the IP is tax deductible and so are the -ve gearing + rennovation + building deprecation.
did u ask your accountant on this matter?
No i must admit i did not(ask accountant)but i am sure stamp duty to buy a house in AU is 20-40k depending on price of purchase. I paid 26k++ my father paid almost 50k for his place. The agent and my lawyer/bank did all the paperwork
I also don't own IP in aud cause the income is taxable unless you choose to not disclose. That + the additional stamp duty i have to pay and i don't think i can afford to gear so much fer it
Later force sell if can't pay loan... or must beg parents to help out..... and being called thupid by them is very infuriating 
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Originally posted by googoomuck:
Jim Rogers is smart. He can give up his US citizenship and still is considered a US citizen by the US state department.
There are special provisions for persons who are deemed to have renounced citizenship for purposes of avoiding US taxation.
if burma can help him to earn another billion, he would have gone there as well.
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Originally posted by Genie99a:
No i must admit i did not(ask accountant)but i am sure stamp duty to buy a house in AU is 20-40k depending on price of purchase. I paid 26k++ my father paid almost 50k for his place. The agent and my lawyer/bank did all the paperwork
I also don't own IP in aud cause the income is taxable unless you choose to not disclose. That + the additional stamp duty i have to pay and i don't think i can afford to gear so much fer it
Later force sell if can't pay loan... or must beg
parents to help out..... and being called thupid by them is very
infuriating i didnt pay that much stamp duty for my properties here.
maybe different states i guess. where are u staying now or are u buying >$1million properties?
buy within your means, now with the shortage of houses vs the influx of more migrants, the demand for rentals is ever increasing.
unfortunately the PPOR's mortgage is not tax deductible. ever consider renting out a room to those overseas students? u can get $150/wk extra and charge it to your retired parents... e.g. tax free under $6000/pa.
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Originally posted by fishbuff:
i didnt pay that much stamp duty for my properties here.
maybe different states i guess. where are u staying now or are u buying >$1million properties?
buy within your means, now with the shortage of houses vs the influx of more migrants, the demand for rentals is ever increasing.
unfortunately the PPOR's mortgage is not tax deductible. ever consider renting out a room to those overseas students? u can get $150/wk extra and charge it to your retired parents... e.g. tax free under $6000/pa.
Im based in Victoria/Melbourne. Bought the place at $450 - $500k (cant remember offhand). Stamp duty for that was around 25k (est cant remember exact figure and its not the first home ... i sold my first apartment 1 room)
I agree demand for rentals/housing is on the rise.... which was the reason i decided to take a bigger loan in the hope of capital gain.
I wish i could rent a room out but i don't think my partner would be willing.
As for claiming the rent as tax free income towards my parents in my case its not viable
retired they are but they pay tax.Very good idea though
There seems to be a mad rush for properties these days over in Melbourne.... despite interest rates ppl are still buying
is this the same in your state? Which state are you based at bro? -
Jim Rogers is still an American rite? So whats the big deal?
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im in brisbane now. even with the rise of the interest rate, the properties are selling like hotcakes here.
probably different states have different stamp duty i guess. i hope Kevin Rudd can do something about all these taxes and interest rates hikes soon.
$450-500k? that is a good buy in melbourne, hope it is near to the city and in good suburb.
Authors: Tony Melvin & Ed ChanISBN: 9780977536429 ISBN-10: 0977536424 Publisher: The Knowledge Centre Pty Ltd Format: Paperback Book Pages: 300 Language: English -
Originally posted by Short Ninja:
Jim Rogers is still an American rite? So whats the big deal?
my question is; does his sons need to serve NS?
assimilation into sg culture and society is imperative in assessing a migrant's contributions. but they keep living the high lives and avoid all NS, then that will raise indignation among the SG locals. remember the slogan; "jobs for foreigners, NS for singaporeans?"
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Originally posted by fishbuff:
im in brisbane now. even with the rise of the interest rate, the properties are selling like hotcakes here.
probably different states have different stamp duty i guess. i hope Kevin Rudd can do something about all these taxes and interest rates hikes soon.
$450-500k? that is a good buy in melbourne, hope it is near to the city and in good suburb.
Authors: Tony Melvin & Ed ChanISBN: 9780977536429 ISBN-10: 0977536424 Publisher: The Knowledge Centre Pty Ltd Format: Paperback Book Pages: 300 Language: English
Thanks for the read.... and yea i'll be hit very hard by interest rate rises ....i'm mortgaged heavily.... but then again its a good buffer against inflation (which is even scarier than the interest rate rises)I have a feeling due to the "boom" .... property prices will continue to escalate
then $ will start to fall from trees and we wont be stressing too much about interest rates
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Originally posted by Genie99a:
Thanks for the read.... and yea i'll be hit very hard by interest rate rises ....i'm mortgaged heavily.... but then again its a good buffer against inflation (which is even scarier than the interest rate rises)I have a feeling due to the "boom" .... property prices will continue to escalate
then $ will start to fall from trees and we wont be stressing too much about interest rates
haha,..thats exactly what happened to america isnt it? what goes up must come down..:D
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Originally posted by TCH05:
haha,..thats exactly what happened to america isnt it? what goes up must come down..:D
I know .... but its also how alot of Singaporeans struck it rich in property.No risk no gain....... if it turns sour *gulp*.... nvm that
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Originally posted by Genie99a:
I know .... but its also how alot of Singaporeans
struck it rich in property.No risk no gain....... if it turns sour *gulp*.... nvm that
but u have tried borrowing from the banks before and know just how strict their asssessment are; min 1 year of perm job work or 6month of good profits in your company. +20% down payment or else get a mortgage insurance. Even with insurance, the insurers dont grant their insurance to anyone unless they do a background checks on the applicant for bad credit.
i dont think there are many predator lending in Oz unlike in the USA. coupling with massive influx of migrants and a short supply of houses, it is inevitable that the stress of living space is under servere stress.
we all have gone thru this phase here in australia so we know how the system works.
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Thats a valid point TCH05. The banks do their homework (that you are capable to finance the loan repayments).
But I try to think positive and i believe the property market is still going strong
I made a small profit from the sale of my 1 room apartment .... I hope to repeat that success
*greedy* -
His sons probably all grown up and too old to go for BMT
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Originally posted by Genie99a:
Thats a valid point TCH05. The banks do their homework (that you are capable to finance the loan repayments).
But I try to think positive and i believe the property market is still going strong
I made a small profit from the sale of my 1 room apartment .... I hope to repeat that success
*greedy*how much capital gain tax did you pay the last time?
what is your cost of borrowing for your current property?
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Originally posted by TCH05:
how much capital gain tax did you pay the last time?
what is your cost of borrowing for your current property?
Don't think i paid any, its not an invesment property. (I stayed in it for more than a year)Cost of borrowing will depend on amount borrowed/interest rate/time taken to repay the loan. (I don't see exact figures serving any purpose except reminding myself I'm in alot of debt so I'll try not to
) -
Originally posted by Genie99a:
Don't think i paid any, its not an invesment property. (I stayed in it for more than a year)Cost of borrowing will depend on amount borrowed/interest rate/time taken to repay the loan. (I don't see exact figures serving any purpose except reminding myself I'm in alot of debt so I'll try not to
)
just remember that property is not as liquid as stocks, so make sure you have holding power during downturn. -
Originally posted by TCH05:
just remember that property is not as liquid as stocks, so make sure you have holding power during downturn.
I'll be fine .... whatever the turn down up left right center..... i'll still need a roof and I don't want to pay rent -
Double post
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Originally posted by Genie99a:
I'll be fine .... whatever the turn down up left right center..... i'll still need a roof and I don't want to pay rent It really depends how much loan you take because if the value of your property doesnt appreciate faster than the interest rate of your mortgage, you are actually becoming poorer.
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How much is the capital gains tax?
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Originally posted by onlooker123:
How much is the capital gains tax?
I believe the capital gain from property will become part of your income and it is subject to similar tax structure as income tax. which can be as high as 40 over %.