Forum Replies Created
Thanks guys.
I think I know the differnece between redraw and offset, but don’t understand what an offset redraw is, and why it is potentially dangerous for an investor? The Rulings seem to indicate if the accounts are separate it’s an offset account and OK, but I’ve seen people indicate that if it’s a REDRAW, steer clear???
So I have two questions then:
– if the “100% redraw offset account” has two sub accounts, one for the Deposits and one for the Loan, and so all transactions are separate, then it would be OK from a tax perspective. so has anyone actually queried this to get confirmation with the ATO?
– if you redrew your money and refinanced and never deposited money into the loan again, would they go back through your history and say, back in 1969 you actually redrew this money and so owe 40 years of tax deductions?
cheers
Angus are you saying that these loans with an offset/redraw account would satisfy the taxman as a ‘proper’ offset account?
Similarly, Richard, are you saying that they would not?
Do either of you have evidence to back this up, or is it just interpretation? Why doesn’t FirstMac/Kim Cannon apply for a ruling on this and dispel all doubt with these products, since they seem to be pushing them to Investors?
cheers
Hi nylorac,
What is the advice that has helped you come to your conclusion, and where did you find it?
Cheers.
Hi BeauMonde,
I’m in the same boat. I have been trying to understand how to find the best structure, and trying to get advice…but, are they telling you the ‘right structure’, or just the one that is best for them…
Please do provide feedback here, when you finally find the best option. Anyone else out there able to provide help, that would also be great!
Much appreciated,
gabs!Hi Jindou,
Can you let me know more about your experiences in the Elizabeth area, and good local property managers?
cheers,
gabsI am also a newbie to the forum, and am looking for investors in the area that I can learn from…as I’m still finding my feet.
Also, I tried emailing Andrew to get on the distribution list, but it bounced?
Cheers,
gabs!I am also looking at the Elizabeth area in the near future…so let me know how you go???
I’ve heard a lot of good things about this club, but I have also heard a few bad cases of people being ripped off. Whether either are true or not, I’m not sure, but I do know that they were investigated back in 2003. I think if enough people complained to ASIC for them to be investigated, it’s gotta ring warning bells?
Comments?
should I assume that either there are no South Australian subscribers, or no one in SA has anyone to recommend?
[glum2]
can someone give any advice at all?
