We all like to save some cash when the opportunity arises,
but I am sure you will all agree that sometimes saving money in the short term
leads to bigger bills later down the line.
The reason I bring this up is that into today’s economic
climate where cash is so tight and transfer fees and capital gains tax on
property transactions can be the deal breaker, more and more clients are
tempted to take a short cut.
There are certain agents who will offer their clients the
option of lowering the Purchase Price on an agreement of sale in order to lower
the cost of Capital Gains Tax payable by the seller and Transfer Fees payable
by the purchaser. The rest of the Purchase Price is paid “under the table” and
the Seller, Purchaser and Estate Agent all benefit by avoiding the full cost of
taxes. Sounds like a win-win situation, if you don’t consider the moral
implications of tax evasion!!!!
However, the down side, (Yes- you knew it was coming!) is
that the Purchaser is not advised properly by the agent. If you lower the
Purchase Price on the agreement of sale when you buy the property, it means
when you come to sell it in a few years’ time at the correct market value, your
“Capital Gain” will be much higher, and you will have to pay 20% of this gain.
Your saving at 7% of the lower purchase price maybe a few thousand dollars, but
your tax bill when you sell the property could be tens of thousands.
The only person who really gains by lowering the Purchase
Price in the long run is the seller, and he will be long gone by the time you
sell your house and pay his tax bill
for him. Remember that all properties bought pre 2009 only pay 5% tax on the FULL
Purchase Price. Post February 2009, all sale of property incurs a 20% tax on
the capital gain of the property.
Say NO! to lowering the Purchase Price – it will save you
money in the years to come and you won’t have the guilt of tax evasion on your
conscience.
On that note, I would like to wish all our valued clients,
friends and supporters a peaceful, safe Christmas period and a prosperous,
dream fulfilled 2013!
Love from all of us at
Page
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