This is a dilemma Catalyst. This situation could be seen from either side: Replacing “like for like” (lawn for lawn) or seen as Repair – because as I stated before lawn is damaged and basically doesn’t exist any more and affects its rental potential (got few comments from potential tenants about the state of lawn)

Hi Richard,

I moved to Gold Coast so I used your advice and booked appointment with Gold Bussiness Group for tax return this year

Thanks,

Slavik

I am new to Mackay as well. 3 months here and looking for PPOR. I can tell prices went down for sure compare to what I saw before New Year.but Jotham is right it is not very stable atm due to mining industry… the house that I like to buy was $550K in October but only $485K now…

ok thanks.

so I leave everything as it is and just need to do Valuation for this Unit (ex PPOR)  that became IP recently?

ok I am silly. Thanks Terry

…went to GOOGLE to get more info about CGT….

thanks.

all comments make sense

but what if in the future I decide to sell one IP which has a lot of equity? in this case if I increase LVR to max and transfer equity to another IP I will save on CGT. Is it right ?

and another point why I want to do this: That IP is in mining town so it can drop value at some stage (maybe not) so I rather get…[Read more]

I have 2 IP. One is CF+ with a lot of  equity  ~ 150 K ( ex PPOR) and another one is Negatively geared with 0 equity.

I want to have two CF+ IP.  yes they are both under my name.

I know it is bad ( I made enough mistakes to understand that) that's why I am here to learn basics and fix it.

My loans are separate but with one bank and cross-collateralised.

Correct me if I am wrong: if you are with one bank and your loans are x-coll BANK see them as one big loan. (like in my case: IP #1 is around $320K and debt is $170K so…[Read more]

Scott No Mates wrote:
Take the $20K and put it all on black.

no wonder you have no mates Scott with these kind of advises lol

hmhm true, because it's cross-collateralised it is ONE BIG LOAN isn't it? and both loans have same interest rate

as I stated from the start there is a Split IO loan:  $400 K locked and $47 K variable with offset so I can put money there.

but $47 K loan and Unit loan $170 K they have same interest rate @ 5.79

Thanks guys,

The highest is Brisbane one – locked for 3 years ( 2.5 left) @ 5.89

thanks guys

I am thinking to put money to offset account # 2 to reduce negative gearing on Brisbane house.

hey,

everything is IO. figures are correct. House is 4/2/2 in Narangba QLD. Land is 400m2

NAB 0.20 only

thanks Terry I got concept now

Unfortunately so many people do this mistake – it;s not funny! Even accountants can't get it right !

I asked my accountant can I put money back and this is her reply : "Yes, that will be okay. No problem with apportionment if it was only a couple of weeks."

Any comments?

lol and he has crystal ball aswell

what if you redraw money from your PPOR to offset account and realise you made mistake and put them back in couple of weeks ??

still 100% tax deductible?

Toyota Supra and Jeep wrangler on its way for wife