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  • Profile photo of murphyfinancialmurphyfinancial
    Member
    @murphyfinancial
    Join Date: 2009
    Post Count: 3
    July 13, 2009 - 4:21 am

    Gidday guys,

    I'm situated in Heidelberg, and have many clients involved in property investment.

    Check out my website….www.murphyfinancial.com.au….

    Cheers
    Steve Murphy

    Profile photo of murphyfinancialmurphyfinancial
    Member
    @murphyfinancial
    Join Date: 2009
    Post Count: 3
    July 8, 2009 - 12:49 am

    Hi PTW

    Check out the following item on the Office of State Revenue website…
    Just copy and paste this to your web browser:

    http://www.osr.qld.gov.au/duties/transfer-duty/exemptions-and-concessions/home-or-property-owner-exemptions.shtml

    I think you'll find, as it is in Victoria, that there is no stamp duty payable on the transfer.

    Cheers

    Steve Murphy

    http://www.murphyfinancial.com.au

    Profile photo of murphyfinancialmurphyfinancial
    Member
    @murphyfinancial
    Join Date: 2009
    Post Count: 3
    July 6, 2009 - 1:50 am

    Hi there,
    Unfortunately you cannot increase a loan against a rental property to maximise your tax deductions.
    The ATO only allow you to claim interest on the original loan to purchase the property, or for subsequent
    loans to improve the property.
    So your only real choice is to use the $150,000 in your offset account as a deposit on your principle residence,
    which leaves you with tax deductions on interest on the original $250,000 loan.
    That would leave you with rental income of $17,940 less interest deduction of say $13,750 ($250,000 @ 5.5%),
    less any other associated costs of rates,insurance etc. (don't forget potential depreciation claims!).
    So you will probably end up breakeven moving forward!
    Cheers,
    Steve Murphy
    http://www.murphyfinancial.com.au 

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