Thanks guys for your input in this. I really appreciate it. I will bite the bullet and get my non existent excel skills up to scratch

THANKS AGAIN!

PaulDobson wrote:
Hi JosefAs your property is not as 'negative' as some I see, I would definitely look into the PAYG tax variation mentioned above, along with some research into how much a depreciation schedule may help.To help with get your head around vendor finance and where to start, our website  http://www.negative2positive.com.au may…[Read more]

Derek wrote:
PAYG Tax Variation is a forward estimation of your tax position and differs from your annual tax return. After completing and submitting your PAYG tax Variation the ATO wil send your employer a letter advising them to reduce your pay period tax by the determined amount. If the property is relatively young the depreciation deductions…[Read more]

Derek wrote:
Have you got a depreciation report and submitted a PAYG tax variation. This will ease the pain and may alleviate the need/desire to sell.

Haven’t done my tax on it just yet it was originally a PPOR. Need to use my FHOG out of the way lived in it for six months. It was always going to end up an investment property though. It only…[Read more]

JacM wrote:
Can you tell us a bit about the property?  ie Which suburb & state is it located in?  Is it near public transport?  Near schools?  Near uni?  Near hospital?  What type of dwelling is it?  eg a 3bedroom house?  What is the approximate age of the building?  Size of land?  Size of backyard?

Its a fully furnished two bedroom one bathr…[Read more]

Hey Mate,

There is absolutely no benefit in having an offset account if its your PPOR. You should be able to have a redraw facility on your home loan which is pretty much the same thing.

The only benefit of an offset account is for investment properties as this offsets the interest you pay on your home loan and still gives you a tax break from…[Read more]