Finally about to get to hold my farm title.

[cityfarma]

I paid off the loan a couple of years ago but never got around to actually retrieving the title from the bank. I finally got off my posterior and paid over the money for the bank to clear the encumberance. Should have the title about Friday. One less hold the bank has over me

Now if only I could only do the same with the property we live in!

Had planned retirement in 4 1/2 years but with the share crash my super has crashed so may have to work a bit longer.

Cityfarma

[MossRoad]

Congratulations! Paying off something large like a home or land is a great feeling.

[DocHeb]

Do they have tax on land/property in Australia? Here in the US you never "own" the land, even though you may have paid the full price. We just "rent" it from the government by paying yearly taxes.

[cityfarma]

Originally Posted by DocHeb

Do they have tax on land/property in Australia? Here in the US you never "own" the land, even though you may have paid the full price. We just "rent" it from the government by paying yearly taxes.

We don't have to pay an annual tax as such to the government but have expenses such as local government rates (mine approx $6-700 pa) and Land Tax if not a primary producer.

If the property is not your primary residence, you then pay Capital Gains Tax when you sell. With this you take the sale price less selling expenses and subtract the cost of the property when you bought it (if after 1985). You then add 1/2 of this amount on to your income for the year and pay tax accordingly. This is a very simplified version as there are other things that can be claimed to reduce the tax in certain circumstances.

Cityfarma

[cityfarma]

I picked up the title today. Talk about a disappointment . Instead of an old tattered parchment with the history of the property, it was an A4 piece of paper simply saying I own it. Did not even have a layout drawing.

At least it said I own it and not the bank.

Cityfarma

[cowboy357]

I,m not sure if its the same Everywhere , But the way I understand if You want the Abstract ( The Recording of all the history of the property since first sold ) You have to Request it & Might have to pay to get it . It Used to go with the property ( Around here anyway ) But thats now changed .

We are going through the same thing Right now & still haven,t got the abstract, But Patiently waiting. There very interesting to own, As They Contain Even the Most Personall Info of Prior Owners ( Marriage, Divorce, Death Documents , & Any Liens or Loans That were ever against the Property . The last one I had Dated back to the early 1800,s , But I had to let it go with The Property When We sold it, As it should be . Best of Luck, & Congrats on getting out of the Banks Clutches, Is a Great Feeling .