Mega Thread The Questions Thread - Part III

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What do you do if you didn't do a tax return 20 years ago when you were 18, and it keeps popping up as overdue, but you can't access your group certificate from 2004?
Just got off the phone with an ex who's a lawyer at the ATO. Go here and he reckoned to ask for documents between 03 and 07 to be safe.
He said on the upside if the if they have no records for you for that year it means you have no tax to pay, he also said it covers your arse if they do come after you because you can point to this and say that you've been trying to resolve the issue.
 
Thanks everyone, you're all super helpful

especially you Gough - contacting an ex is going above and beyond for lil ole me xo
He mentioned he might pop round on the weekend so I could be on promise thanks to you.
 

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I had a referral to a specialist go to an old address. I've contacted my GP clinic to redirect and they gave me some hotline number that led no where. Has anyone dealt with this scenario before and being able to get a new one ? I don't even know which hospital/specialist I was referred to.
 

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For those following at home (or work), my tenants in my house here on the GC hinterland have asked to buy it, and it looks like it will happen between now and June. They have rented it for past 18-24 months. And during this time, my family have been renting ourselves next to the beach.

We are now faced with the what do we do next (to cover the next say ~10 year period - over which time children should start to leave the nest). We need 5 bedrooms plus a space for my office.

From looking around at some houses the last few weekend, i think there are two clear options:

1) pretty much go 'like for like' in terms of a new mortgage by getting a high spec, large 5 bedroom house with a pool, which is in a nice nearby suburb. i wont have to do anything, turn key option.

2) half or even cut my mortgage size to 1/3 current size by getting a standard spec, 5 bedroom house which may or may not have a pool but has room to add one, and may need over time some kitchen or bathroom upgrades but nothing more than say new cupboards or benchtops, no major renovation by any means. This would be available by moving slightly further away from the areas we have lived for past 15 years

if you had the opportunity to reduce by half, or by even more, your mortgage, as someone about to enter my 50s (and i have plans to work for another 10-15 years), would you do it?

in either case, the plan (say in 10 or so years) would be to sell whatever option we get, and buy a smaller 2 bedroom unit on the beach for our remaining (mostly retirement) years.

thoughts?
 
For those following at home (or work), my tenants in my house here on the GC hinterland have asked to buy it, and it looks like it will happen between now and June. They have rented it for past 18-24 months. And during this time, my family have been renting ourselves next to the beach.

We are now faced with the what do we do next (to cover the next say ~10 year period - over which time children should start to leave the nest). We need 5 bedrooms plus a space for my office.

From looking around at some houses the last few weekend, i think there are two clear options:

1) pretty much go 'like for like' in terms of a new mortgage by getting a high spec, large 5 bedroom house with a pool, which is in a nice nearby suburb. i wont have to do anything, turn key option.

2) half or even cut my mortgage size to 1/3 current size by getting a standard spec, 5 bedroom house which may or may not have a pool but has room to add one, and may need over time some kitchen or bathroom upgrades but nothing more than say new cupboards or benchtops, no major renovation by any means. This would be available by moving slightly further away from the areas we have lived for past 15 years

if you had the opportunity to reduce by half, or by even more, your mortgage, as someone about to enter my 50s (and i have plans to work for another 10-15 years), would you do it?

in either case, the plan (say in 10 or so years) would be to sell whatever option we get, and buy a smaller 2 bedroom unit on the beach for our remaining (mostly retirement) years.

thoughts?
lol how is this even a question?

Absolutely. Why do you need a pool when you live near the beach?

Why would you want to be in so much debt when you're getting older?
 
For those following at home (or work), my tenants in my house here on the GC hinterland have asked to buy it, and it looks like it will happen between now and June. They have rented it for past 18-24 months. And during this time, my family have been renting ourselves next to the beach.

We are now faced with the what do we do next (to cover the next say ~10 year period - over which time children should start to leave the nest). We need 5 bedrooms plus a space for my office.

From looking around at some houses the last few weekend, i think there are two clear options:

1) pretty much go 'like for like' in terms of a new mortgage by getting a high spec, large 5 bedroom house with a pool, which is in a nice nearby suburb. i wont have to do anything, turn key option.

2) half or even cut my mortgage size to 1/3 current size by getting a standard spec, 5 bedroom house which may or may not have a pool but has room to add one, and may need over time some kitchen or bathroom upgrades but nothing more than say new cupboards or benchtops, no major renovation by any means. This would be available by moving slightly further away from the areas we have lived for past 15 years

if you had the opportunity to reduce by half, or by even more, your mortgage, as someone about to enter my 50s (and i have plans to work for another 10-15 years), would you do it?

in either case, the plan (say in 10 or so years) would be to sell whatever option we get, and buy a smaller 2 bedroom unit on the beach for our remaining (mostly retirement) years.

thoughts?

Retiring at 60 is a good plan. You can access your Super tax free. Pay off a mortgage if you still have one. If you can, take advantage of the tax breaks for additional Super contributions before that.

I wouldn't assume that your children will all fly the nest in the next 10 years. Maybe just go for what house you want right now and see how things turn out later.
 

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Mega Thread The Questions Thread - Part III

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