Legally you should rent out your IP at market rent (ie arms length) to qualify for normal deductions. Otherwise everyman will rent it out to his buddy for $10 pw & claim $300 pw interest. If somehow your children can ‘pay’ market rent to you – then I can’t see why it is not normal IP.
Re holiday house – again legally you only claim the period th…[Read more]

I think basic 3br fibro starts at 270+ at blacktown. Decent houses would go for 300+. For 250s you may go to campbelltown (also minto , mac fields). Or you can go further west say Mt druitt/St Marys.

If you lucky you can find one in Central Coast ( gosford etc) for 300k.

Rent probably 190-220 pw max. – unless reno, of course.

As long as the p…[Read more]

This topic was on ACA monday night. Other than ATO most ppl think it is legal practice.

CY

Hi Wei

Yes agent has the obligation to submit an offer. However I recall in the Sydney hot market months ago most properties will sell within 5-8k (for 250k) of asking price. That time most agent was quite arrogant, ie “I don’t want you” type of attitude coz they easily find another 10 buyer lining up to buy the properties. Hence they really…[Read more]

Pardon me Chris, BUT what is title insurance ???

Steve, or others!

For ASSET PROTECTION, the way to go seems to have family (disc) trust & have a company as trustee.

Q:

1. To achieve the above, does it mean one has to setup one company AND one trust ?
2. Can you go to ANY accountant to setup trust/ companies ? can you DIY ?
3. What is my role in this corporate thing? As director / or…[Read more]

Stay away from those hi rises !

Two main reasons:
1. Strata fees usually high 5000+pa, no guarantee that it will be 10k next year , plus sinking fund etc. Also, nobody knows how well will the building be managed.
2. LACK OF SCARCITY.
– Another ‘taller’ building can be build next door
– Similar building, similar rent, no ‘unique’ features.
-…[Read more]