No you are right.  You can't buy with the SMSF because you will be living in it – causes issues with the sole purpose test.  Can you restructure your Sydney house eg if jointly owned buy your wife's share.  This won't change your total debt, but will make more interest tax deductible.  It will also have CGT implications if you are currently wna…[Read more]

You can only claim if the property was to available for rent by you

There should be an exemption from stamp duty under the Family Law Act as it is part of a settlement.  Talk to your solicitor and get the document drawn up

Would the $270K have been on the basis of 80% LVR?  ie they would have lent $270 on a property bought for $350 ie no LMI required

Drycleaners that have adapted have offered extra services eg repairs, ironing, or sold other items eg gifts, luggage.  If your parents in law are going to do this then they need to work out how a new business will succeed.Not many people get much drycleaning done particularly in retirement/seaside areas where informality is the rule.  Your p…[Read more]

The first step would be that they should be asking you about your plans etc so they are advising you on an holistic basis.The second is they should be proactive in advising you re use of offset accounts etc etc

Have a look through it first, then ask for any explanation you need.  This article has some of the things to look for:http://www.rpdata.com/news/api/api_20070515.html

Yes, you are right – under an instalment contract you have an equitable interest in the property with a right to possession which you can protect by way of a caveat subject to the rights of any prior interests registered in the Land Titles office such as the first mortgagee.If you are not already doing so you should be talking with a solicitor not…[Read more]

No. 

An easement for sewerage is normally 2-3 m so that if there is a problem people can get in and fix it.  It's in your interest too that they can have reasonable access so that if there is a problem it can be fixed easily.  For practical purposes your Council wouldn't let you build on top of it normally.  they only have access for the purpose of th…[Read more]

Yes $5.00 a week in additional licensing costs is going to make it easy to justify charging an extra 2% (say $6.00 per week) per property.On the other hand having a good managing agent is worth a few dollars a week.

For PPOR only applies to spouses Farming properties there are some additional concessions

Your relative would need to pay half the mortgage (presumably because she owns half) to the bank plus half of the market rent to you.  The fact that she is paying a debt she owes does not make it income in your hands.

If you're not getting fair market rent from your relative and the property is not on the market for rent you have no tax deductions. 

Did you factor in the cash you came up with for the purchase and any refurbishment and the interest you could have earned on that.  having said that you have done well to be on the positive side of the ledger.

Their web page says they are a mortgage broker and now they're finding property for you?  Follow Richard's advice.  Learn a bit more before you sign up to someone.  Look at the article on page 34 of August's Australian Property Investor magazine. 

Even although the apartment is rented on a monthly basis, depending on the state your asset is in you may need to give longer notice eg 60 days in NSW

Your parents should consider whether these gifts will affect their current or future entitlement to Centrelink benefits.

Don't set up a company unless you are running as a business as there is no CGT relief for companies.  Possibly corporate trustee of a trust.a director of a comopany will normally have to give personal guarantees for borrowings

You're not buying an investment, you're buying a lifestyle or dream.  So your issues are whether you are willing to pay the price ie payments on a loan etc and whether the property you buy will still be able to be used for your dream in 5-8 years.  Check the property has a building right, keep an eye on proposed changes to zoning and object if t…[Read more]