RLW snippet

[Kiwi Eagle]

Was a little piece in there yesterday about a recent big name signing having his deal sweetened by being sold an apartment worth $850,000 for half the price and apparently it has a water view

Is cherry going to be living by the ocean up there is he ...

Very easy to see how a salary cap can be exploited with stuff like that

 

[manlyfan76]

Every house on the GC has water views.

 

[manlywarringah]

There's new developments going up along the parra river. They are quite expensive & i reckon it's probably one of them for foran.

Dyldam is building heaps of new units here so they couldve got around the salary cap with their new sponsor...not that it is legal of course.

Could be cherry & the titans but my money on foran getting a very nice investment.

Over to you NRL....lol, like they could find ANYTHING!!!

 

[Fluffy]

I am betting top level rugby league players are the best negotiators in the world. Some of the prices they negotiate for cars, boats, property is just mind blowing i bet.

 

[Loobs]

850K val on an apartment on the Goldie that actually sells for half that is normal business up there. Actually it's probably a good return...

 

[NewwyEagle]

It may be cherry, but with two kids and a wife I'm speculating that cherry will be moving into a big house, not an apartment. Unless it's done investment or something, I dunno. Not sure who else it could be though.

 

[Crusher_Cleal]

Canberra has lake Burley Griffin you know..

 

[Kiwi Eagle]

Say it is the titans, the NRL are hardly going to impose any sanctions on themselves now they own the club ...

 

[Ryan]

Typical..and they have track record with guys like Scott Prince taking kick-backs on his development.

 

[manlywarringah]

My friend checked out the parra river apartments going up & they are in th $800-$900,000's.

Confident it's foran with dyldam cutting the price

 

[tookey]

Parra did similar with Lussick who was sold a unit on the cheap in North Ryde by Obeid.

I have heard rumours of a certain club who has a director who is able to source properties under market value for players.

Once the player purchases it the club arranges renovations through friends of the club at no cost to the player who then sells the property for hundreds of thousands of dollars more than they paid for it all tax free and not disclosed in the salary cap.

Do that a couple of times in a players career and there is probably another $1m tax free in income not in the salary cap.

 

[HappilyManly]

Why would it be CGT free?

Tax will be at highest rate on 50% of the gain ie 212.5k in this rumoured discount. Would make more if the Value was inflated on paper and they sold at a loss

 

[Peter C]

Why would it be CGT free?

Tax will be at highest rate on 50% of the gain ie 212.5k in this rumoured discount. Would make more if the Value was inflated on paper and they sold at a loss

No capital gains tax applied if it's your primary residence

 

[tookey]

No capital gains tax applied if it's your primary residence

Correct

The player lives in the house supposedly while it is renovated. Then sold as an owner occupied property CG free.

 

[ALinda]

Who's to say its not the Northern Beaches, or does 'water' view rather than 'ocean' view give it away? Could 'big name' be Burgess? Just speculating....

 

[DUFFMAN]

Nearly every club could have water views, even Penrith has the Nepean.
I'm sure Max never done anything like this

All clubs would being know a way of doing something.
How many players would have several investment properties brought a bargain rate due to there great negotiation skills
How many players of a certain team will be in Mustangs next year.
Some players might even be lucky to have a big win at a casino or on at the clubs pokies.

 

[Andrew..]

The bigger question is. How many TPA can the owners of our club generate, otherwise we will just be making up the numbers.

 

[HappilyManly]

Ok, but his current house would become CGT affected then.

Sounds dodgy to me and the ATO has Sports People on audit lists in any case.

 

[mave]

Arent we making up the numbers right now?

 

[tookey]

Ok, but his current house would become CGT affected then.

Sounds dodgy to me and the ATO has Sports People on audit lists in any case.

Not if it was the players only house.

Plenty of people buy a house renovate it and then sell and move to the next level.

Who knows by the time some players retire they could be selling $10m houses?