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Viewing 6 posts - 1 through 6 (of 6 total)
  • Profile photo of JosefJosef
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    @josef
    Join Date: 2012
    Post Count: 8
    September 9, 2012 - 6:54 am

    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!

    Profile photo of JosefJosef
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    @josef
    Join Date: 2012
    Post Count: 8
    June 13, 2012 - 7:09 am
    PaulDobson wrote:
    Hi Josef

    As 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 help.

    Cheers,  Paul

    Thanks Paul!

    Profile photo of JosefJosef
    Participant
    @josef
    Join Date: 2012
    Post Count: 8
    June 13, 2012 - 7:08 am
    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 could be quite significant and worthwhile.

    To put a little more perspective on this what is your annual income and how old is the property?

    Thanks for the advice. Im on about 72k per annum however this will increase to 90 to 100k in a 1.5months time. I think I have heard about the tax variation you speak of. I also have a positively geared property so I don’t know how this effects the tax. I only bought the possitive property three months ago.

    Profile photo of JosefJosef
    Participant
    @josef
    Join Date: 2012
    Post Count: 8
    June 12, 2012 - 12:28 pm
    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 been an investment property since OCT 2011.

    Profile photo of JosefJosef
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    @josef
    Join Date: 2012
    Post Count: 8
    June 12, 2012 - 12:25 pm
    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 bathroom unit. Its newly renovated. Its located in Alderely 6km away from Brisbane city. Very close to public transport, schools shops and uni. Its actually in a really good location. Downside is that is on a main road.

    Profile photo of JosefJosef
    Participant
    @josef
    Join Date: 2012
    Post Count: 8
    March 27, 2012 - 11:33 am

    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 your property if its negatively geared.

    Not blowing my own trumpet but I deal with these accounts and open them up for clients on a daily basis.

    Having said that having an offset account on your PPOR won’t hurt you but there is no real benefit.

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