Ann: SECTION 708A NOTICE, page-21

I edited my post as others had posted the same information at the same time. The content thus became repetitive and there is no delete capability for posts.

The word 'net' is important when looking at the s708 rules. If you have a big mortgage on that Sydney home, then that has to be taken into account when determining net asset position. 2.5M net is the threshold that needs to be met. Yes, probably not too difficult for those who have been in the Sydney market for some time and have paid the mortgage down.

In regards to the earned income criteria, capital gain isn't classified as income and can't be counted towards the $250K figure.

I don't know any accountant who would risk their licence to knowingly provide a dishonest s708 letter. I certainly wouldn't want that person as my accountant.

This is all semantics in any case. I'm just glad that we have more money in the bank and good luck to those who put their hand in their pocket to invest.