Forum Replies Created
Daniela,
When did you first purchase your IP’s?
Cheers,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Six month rule applies nationally I believe?
You cannot have two cracks at it with each spouse. Once one owns a property the other is no longer elegible.
There are links to the OSR in every state at this website – you can see what your states legislation is.
http://www.mortgagehunter.com.au/first-home-owner-grant.html
Cheers,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Meryl Streep?
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Well even if you have a pos geared property it will reduce the amount of tax you need to pay.
There are many items that might be depreciated depending on the age, from carpets to aircon and curtains.
I recommend you phone a QS and see what they think.
Cheers,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
QS is a quantity surveyor.
They draw up a depreciation schedule which may give you additional taxation benefits. It is applicable to all properties however the younger the better.
Cheers,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
How do i have a CGT exemption on my new property is it because it is my place of residence and not a IP?
This is the reason.
As far as trusts go – you really need t ospeak to an accountant.
Cheers,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
I suggest you call a QS and get advice as to whether you should have more.
Depreciator on this forum seems to be very helpful and popular.
Cheers,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Knuckles,
The loan against the new IP ($80K) will be deductible.
Unfortunately the loan against the new PPOR will not be.
Some people buy through a trust then rent from that trust to arrange for deductibility. You may well lose the CGT exemption though.
Best to talk to an accountant – this can get quite complex and lots of room for mistakes.
All the best,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Call Steven.
Cheers,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Spot on Derek.
This is a very common misapprehension.
A person can borrow against their home for an investment. This loan is deductible.
Another person can borrow against an IP for personal use. This is not deductible.
It doesn’t matter where the money comes from. What is crucial is the purpose it was used for.
The only way around it is where funds are held in an offset account and drawn for personal use (ie new PPOR). This is because the original loan has not been touched.
Cheers,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Rob is spot on. There are many things to consider before you set this up. Sounds as though you will have many choices though.
I would recommend that you use a broker and make sure he understands what exactly your medium and long terms goals are so he can structure your finance accordingly.
If you choose not to then make sure you compare all the products available and don’t rely on the advice of any single bank employee. They will only compare their own products and wont reecommend Professional Packages etc. A useful site to compare lenders is at http://www.cannex.com.au
All the best with your purchase,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Yes mate, go in and ask them to make the changes you need.
Cheers,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Nope.
Check it out at
http://www.mortgagehunter.com.au/first-home-owner-grant.html
Cheers,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
The amount against your PPOR is deductible. Remember the golden rule is that it is the purpose of the loan that determines deductibility.
Ask the bank to detail it seperately in a split so that you can clearly see which amount is for the PPOR and which is for the IP. You can even pay these down at different rates if you choose.
Cheers,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Why don’t you move in and rent the spare rooms out for 6 months. Then rent the whole house.
That way you are not committing fraud.
Or return the FHOG and claim it for the next PPOR.
Cheers,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
I am with Mel.
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
The regular brokers in here give obligation free advice in here every day.
I doubt any of them would have any problem answering any specific questions or giving general advice.
All the best for your investing endeavours!
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
I know one [blush2]
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Just remember if the person who owns the money is planning on buying their first property it is hard for them to prove genuine savings.
Cheers,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Rob,
As long as you didn’t own any before July 2000.
Cheers,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
