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luv it, luv it, luv it….[biggrin]
I laughed sooo hard… I now have muscle pain on my face and stomach!!!
Thanks.
I think I did not make myself clear…
But, I’m referring to the interest you saved from your offset account and not the money in your offset account [confused2]. E.g. If you have $100k in a 100% offset acct on your loan with 7.07%, You will save $7070 in a year. Isn’t that $7070 a form of income, that bank just did not pay it to you directly so you do not get taxed?
Hope that makes it clearer…
Apprentice
Julia,
So, in our case, because settlement of the land was done (i.e. we already own the land) before construction of the rental house commenced, the travel expense to do handover/final inspection of the house is tax deductible.
Apprentice.
Thank you all for your response.
Just to add a bit more info…
Settlement of the land was done before we built the house.
We went there to do the handover/final inspection of the house and sign the paperworks for the last progress payment as required by the builder. We also make arrangements for the rental manager to sign paperworks and advertise the house available for rent.
I am a newbie as well, and very confused whether to trust or not to trust…
If I put an IP under a trust, will it also carry the loan for the IP?
I’ve asked a couple of people, and their response is negative when it comes to administration … Is this correct, to all you who’s done it and/or still doing it???
The more I research the more I get confused about this trust thing…
I will still consider IP, even -ve gearing is abolished…
I think, it is always a possibility for the government to head this way… especially if they see the numbers ($$$) that will go their way. Just look at CGT, before 1985 (?I think?) there’s no CGT and now it’s there… The government might introduce it the way they introduce CGT. This will have less drastic impact in the economy (cross your finger).
Anyway, this will just mean that anyone who will buy IP will need to make sure that they will make money from day 1 (or at the very least break even). This will also mean, weeding out most (if not all) of those scams that your average mom and dad fall into by going for -ve gering…
