Thanks Terry, What if I get the first home owners grant – I should be exempt?

Hi – so, if they transfer it at market value of $350K to me (I don' t pay them any money – although I am not sure what the difference is between me having paid them any money or not from a legal point of view) and the house is in NSW, do you know if there would there still be any stamp duty payable (or a website with those details? Although I've…[Read more]

Hi,Actually I thought I would qualify for the first home owners grant which would mean i am exempt from paying stamp duty? But I am not 100% confident OSR gave me the right information when they said I would qualify so long as I had a contract to build the house. Nobody (not my accountant nor the construction company nor my solicitor nor OSR, nor…[Read more]

Thanks for the idea – but it would be a little difficult if the ATO ran a check and my tenant only gets a pension from the government of say $100/week and still manages to pay me $200/week in rent!

Thanks everyone. I actually called the ATO and asked them also. They said so long as I charge "commercial" rental rates I would have no problems with the standard deductions. However if I charge only say 50% of the market rate I can only claim 50% of the normal deductions. I wonder though if the ATO though make any allowances for not only saving…[Read more]