fudge111 started the topic Renting out a section of your principal place of residence in the forum Help Needed! 9 years, 7 months ago
Just a quick question about renting out a room or the bottom floor of your PPoR?
Is there a percentage amount of your mortgage interest that can become deductible for tax purposes, and if so, how is this percentage worked out?
Can you also claim things like depreciation on a new kitchenette as well?
Cheers fudge111
fudge111 replied to the topic Whose name do I put our new PPOR into? in the forum Help Needed! 9 years, 8 months ago
Thanks Scotty,
That is great advice. Will definitely ensure we put the interest offset account into place.
fudge111 replied to the topic Whose name do I put our new PPOR into? in the forum Help Needed! 9 years, 8 months ago
Hi Terryw and Scotty,
with regard to the offset account, does that enable you to claim deductions on your taxable income, or is it merely a saving on the interest you are paying on the loan and therefore increasing cash flow to the property?
Cheers fudge
fudge111 replied to the topic Whose name do I put our new PPOR into? in the forum Help Needed! 9 years, 8 months ago
Hi Jamie,
I am based in Melbourne…
fudge111 started the topic Whose name do I put our new PPOR into? in the forum Help Needed! 9 years, 8 months ago
Hi everyone,
My wife and I have just bought a block of land and are going to built a brand new house to use as our PPOR.
We are yet to buy an investment property so this is the beginning of our property investment career so to speak.
My question is, whose name should we put the land, house and loan into?
Which of these dictate whose income the…[Read more]
fudge111 replied to the topic 30 properties before 25, finance??? in the forum Finance 9 years, 8 months ago
Hello there Richard,
If its not to much trouble I would also love to have a read of your article. My email is [email protected]
Thank you kindly
fudge111 started the topic Completing your own tax return as a property investor in the forum Legal & Accounting 9 years, 8 months ago
Hi all,
Just wondering what everyone’s opinions are on completing your own tax return as a property investor, becoming your own accountant essentially.
Does anyone already use etax to complete their property investing tax return? How hard is it and after how many properties would it become too cumbersome to use?
I know there can be many…[Read more]
fudge111 replied to the topic Depreciation in the forum Help Needed! 9 years, 8 months ago
Hi Richard,
Does this reduction in the cost base also include depreciation on all the fixtures/fittings/carpet or just the depreciation on the building as a whole?
Cheers
fudge111
fudge111 replied to the topic Depreciation in the forum Help Needed! 9 years, 8 months ago
Thanks Mark,
That really does answer my questions well…
I will definitely use a quantity surveyor to maximise the amount of depreciation expenses, but just wanted to get a general idea about how the system works.
Regards
fudge111
fudge111 replied to the topic Depreciation in the forum Help Needed! 9 years, 8 months ago
Great thanks for the understanding Corey,
I now understand depreciation a lot better. I was under the impression that it was all about predominantly how new the house was. It is good to know that the amount that you can claim can potentially be more on an older property than a newer one.
Cheers
fudge111
fudge111 replied to the topic Comprehensive List of property investing abbreviations in the forum Help Needed! 9 years, 8 months ago
Here is the updated list with all previous posts included.
I have also added QS = Quantity Surveyor
BA = Buyer’s Agent
CC = Cross Collateralisation
CF+ = cash flow positive
CF- = cash Flow negative
CG = Capital Gains
CGT = Capital Gains Tax
DS = Depreciation Schedule
IO = Interest only loan
IP = Investment property
LMI = Lenders mortgage i…[Read more]fudge111 replied to the topic Depreciation in the forum Help Needed! 9 years, 8 months ago
Thanks Corey,
I am just in the preparation stages and am yet to buy my first investment property.
Thanks for the advice on who to use for a depreciation schedule.
Would it be fair to say though that if the house is built before 1985 you would not get the same depreciation benefits as properties post 1985?
If so, that would be a huge factor in…[Read more]
fudge111 started the topic Depreciation in the forum Help Needed! 9 years, 8 months ago
Hi there property investors.
I was wondering if anyone could give me a bit more information about the way the depreciation on investment property’s works.
I have only the basic knowledge thus far. I have heard that it is 4% for houses built between 1985-87 and for houses built from 1987 onwards 2.5%
1) Is this % the value of the whole property,…[Read more]
fudge111 replied to the topic Comprehensive List of property investing abbreviations in the forum Help Needed! 9 years, 8 months ago
NCCP = National consumer credit protection (act)
fudge111 replied to the topic Comprehensive List of property investing abbreviations in the forum Help Needed! 9 years, 8 months ago
OTP = Off the plan
fudge111 replied to the topic Family/Equity guarantor loans – extended family member in the forum Finance 9 years, 8 months ago
So would I be able to use the equity in my parents home (1.2 million) if they gave me permission to help me launch my property investing portfolio?
What options do I have if this is possible?
Thanks everyone,
fudge111
fudge111 changed their profile picture 9 years, 9 months ago
fudge111 replied to the topic Family/Equity guarantor loans – extended family member in the forum Finance 9 years, 9 months ago
Hi property investors,
This may be a stupid question but I am yet to start my property investing portfolio and am new to bank finance…
Will the banks let you access the equity in your parent’s home if they have not used accessed it for any other assets, or do they only let you access your own equity to refinance?
I think what I am trying to…[Read more]
fudge111 replied to the topic Daily compound interest calculator/spreadsheet in the forum Help Needed! 9 years, 9 months ago
I think I have successfully incorporated an offset facility into my spreadsheet for both IO loans and also P+I loans.
I am not 100% sure if my maths are correct but I think they will be pretty close…
fudge111
fudge111 replied to the topic Daily compound interest calculator/spreadsheet in the forum Help Needed! 9 years, 9 months ago
Hi there craig,
I have a detailed spreadsheet that I am working on at the moment but I am yet to add the option of the offset account into the calculations.
I will attempt to add an offset facility to the spreadsheet for IO loans and see how I go. I will have to do my research first and hopefully I’ll be able to pull it off, but I can’t…[Read more]
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