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  • Profile photo of learning curve2learning curve2
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    July 5, 2012 - 1:20 am

    To leave it untenanted for less than the 3mths.

    For example, tenants out by early January, leave it vacant for say a month and then start to re-advertise for new tenants, so all up it is left vacant for say 6 weeks (saying that it would take 2 weeks to find new tenants). Would that be seen as being a sufficient amount of time to the ATO?

    Profile photo of learning curve2learning curve2
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    July 5, 2012 - 1:12 am

    thanks terry
    so you are saying it could even be less than 3mths? i was just going on what would be seen as being feasible in the eyes of the tax office. less is always better!

    thanks!

    Profile photo of learning curve2learning curve2
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    February 29, 2012 - 2:08 am

    this just in the local paper today….

    http://www.townsvillebulletin.com.au/article/2012/02/29/309721_news.html

    and a bit more about the DHA land purchase at Rasmussen

    http://www.dha.gov.au/about/news/townsville-land.html

    Profile photo of learning curve2learning curve2
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    February 29, 2012 - 2:00 am

    Hiya all
    I grew up in Townsville and moved away over 20 years ago but go back every few months to see family. I bought my 2 investment properties there (contemplating a 3rd) and although, looking back, I had no real clue as to what I was doing, I knew it would be a winner as all you say about the stable, multi pronged Townsville economy is true. There is big money in that town…
    On another note, I was wondering has anyone heard any further developments re: the defence force land buy up in Rasmussen? One of my houses would be just across the road from this and I would love to see a few more shops/school/facilities pop up

    http://www.townsvillebulletin.com.au/article/2010/12/07/190331_news.html

    A few notes of caution – insurance is a little steep due to cyclones and remember parts of Townsville are built on a reclaimed land so watch for flooding. previous flood history is not reliable as the place has grown so much, the lay of the land (so to speak) has changed.

    Feel free to ask any other questions re: the area. We are now up to the 5th generation of my family living in the region.

    Profile photo of learning curve2learning curve2
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    February 8, 2012 - 8:14 am

    thanks terry
    i appreciate you explaining it all

    Profile photo of learning curve2learning curve2
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    February 8, 2012 - 2:04 am

    thanks terry,
    do you mean  if i ever live in IP no.2 (the one i'm taking the $54,000 out of)?

    Profile photo of learning curve2learning curve2
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    February 8, 2012 - 1:54 am

    thanks for that terry
    i had a thought…what if i take it out of the redraw at IP no. 2 and place it into IP no. 1 redraw instead of in the offset of IP no. 1? i don't want to touch it to live off or personal expenses, and that would show on my bank statements and it is still against an IP…..what do you think?

    Profile photo of learning curve2learning curve2
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    February 7, 2012 - 9:22 pm

    hi terry
    i want to lessen the payments on my second IP by  locking in a good rate but don't want to lose my $54,000.
    the first IP has obtained the most growth in value and will be the one that I will definitely keep long term and perhaps even move back into at the end of the year. the $54,000 plus savings i have, will make a great deposit on another property but i am wanting to wait a year or two while i study and change careers. in the meantime the money would sit in the offset account of my first IP (which my become my PPOR for 3-6mths) lessening my tax on it for that time period.

    confusing much?!?!?

    thanks

    Profile photo of learning curve2learning curve2
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    February 7, 2012 - 9:02 pm

    thanks for replying, terry
    so do you see any other way that i could handle it? or am i best to leave the loan as it is with all the  'bells and whistles'  ie offset and redraw facility? is the $54,000, where it is at the moment, deductible? or if i was to take it out at a later date and put it up as part of a deposit on another property, IP or PPOR, (does this make a difference?) which is something i am contemplating, would that still be a tax deduction?

    thanks!

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