new2invest started the topic Buying a 2nd PPOR, and living in both what are the tax implications. in the forum General Property 4 years, 11 months ago
Hi I really need someone to explain to me if this is doable
I already have a PPOR, due to work commitment and long hours I decided to buy and apartment off the plan $745k Port Melbourne (in 2018) closer to work (in CBD) so that I didn’t have to commute back home late. To date I still work long hours.
I will be living in that apartment some…[Read more]
new2invest started the topic Transfer existing PPOR into partners name and buying new PPOR on my name in the forum General Property 5 years, 10 months ago
Hi all
Need to know if I can do this scenario below
Currently my PPOR is 50%/50%. I want to transfer my share into my partner’s name.
Then buy another PPOR closer to work in City for me to live in during the week.
I am in VIC, are there any cost involved in transferring my 50% into my partner’s name.?
new2invest started the topic Buying Off the plan as owner occupier and renting out after settlement in the forum Help Needed! 6 years, 3 months ago
I am looking at buying my next property as Owner Occupier (OO) then after settlement will leave in it for 6months n after that rent it out. I already have a PPOR and 3 IP.
With this new purchase I will have 2 PPOR. One for a short term at least.
Wondering how long do I have to leave in it before I can rent it out n start claiming the deductions.…[Read more]
new2invest started the topic Selling my existing PPOR and move into my new PPOR or keep it as an investment? in the forum Creative Investing 8 years, 4 months ago
Hi
I am currently building a new PPOR (a bigger house than the current PPOR) and was wondering what would be the best options. Whether to sell or rent out the house.
The new house I am building is $800k. (400k house and 400k land)
And the current PPOR is valued at $600k.(prop is 8yrs old) still owe 100k on it
If I sell, I can use the sales $$$…[Read more]
new2invest changed their profile picture 9 years, 5 months ago
new2invest replied to the topic Claiming Out of Pocket Expenses for Building an Investment Property in the forum Legal & Accounting 9 years, 5 months ago
Looks like I will NOT be claiming this then. Thank you all for your response.
new2invest replied to the topic Claiming Out of Pocket Expenses for Building an Investment Property in the forum Legal & Accounting 9 years, 5 months ago
sitecost = cost to determine the type of slab/foundation for the house to sit on Class ‘M’ or Class ‘H’ etc..
I had to pay 10K to upgrade my slab
new2invest replied to the topic Claiming Out of Pocket Expenses for Building an Investment Property in the forum Legal & Accounting 9 years, 5 months ago
sitecost = cost to determine the type of slab/foundation for the house to sit on Class ‘M’ or Class ‘H’ etc..
new2invest started the topic Claiming Out of Pocket Expenses for Building an Investment Property in the forum Legal & Accounting 9 years, 5 months ago
I have just recently completed construction (End of April) of a 4 bed IP currently renting for 370/week. The property is slightly positively geared now with the latest interest drop.
It’s almost tax time and I have always done my tax return for the last 5 years but this year it is the first time that I have constructed an IP. I have had to spend…[Read more]
new2invest replied to the topic Stamp duty on mortgage vs Stamp duty on the purchase in the forum General Property 10 years, 2 months ago
Thank you all for the quick replies
So to sum up.
– Stamp duty charged by the state is NOT deductible
– Stamp duty charged on mortgage or LMI is deductible over 5 years.
new2invest started the topic Stamp duty on mortgage vs Stamp duty on the purchase in the forum General Property 10 years, 2 months ago
What is the difference between Stamp Duty on Mortgage and Stamp Duty on Purchase?
Scenario:
IP – 400K
Stamp Duty – 20K
LMI – 10K
conveyancing $1k
In the above scenario, can I claim Stamp duty + LMI + Conveyancing?
new2invest replied to the topic Selling without agent?? in the forum Help Needed! 12 years, 4 months ago
Have you considered http://www.buymyplace.com.au/ to sell your prop.
My cousin uses them to sell his newly build props. Cost is roughly 300-1000 per prop.
Other useful…[Read more]
new2invest replied to the topic Financing 2nd IP – how does it work? in the forum Creative Investing 13 years, 1 month ago
Thank You all.
Loan has now been Split.
Got depreciation report done as well and came at 14700.
Loan structured to claim 100%.
Tax Variation form 2011-2012 all completed waiting to be lodged after settlement.
new2invest replied to the topic Financing 2nd IP – how does it work? in the forum Creative Investing 13 years, 1 month ago
I heard from people at work
According to the ATO, if you can provide proof of any cost you incur towards your investment property, should be fine to claim.
In otherwords i should be able to claim 100% even if I have deposited 10% (redraw from PPOR) and bank lend me 90%
Investment loan + deposit = 100% clamaible for as long as you can provide…[Read more]
new2invest replied to the topic Financing 2nd IP – how does it work? in the forum Creative Investing 13 years, 2 months ago
Hi Guys
Interestingly the same day I posted this post i was considering 90% or even 95% cause I didnt want to use my PPOR as security, I call my mobile lender to work out on some figures/options that I had. Settlement is still 3 weeks away. I have already put down my 10% deposit ($51700) and decided to go 95% and not use PPOR as security.
New…[Read more]
new2invest replied to the topic Buying IP and Taxation and Ownership in the forum Legal & Accounting 13 years, 3 months ago
I have been reading about PIT (Property Investment Trust) from Ed Chan book.
Any thoughts on that? Anyone using such a trust.
I rang them yesterday and i gotta book 3 weeks in advance to talk to someone and the cost is $300/hr.
So before I pay that $300 would be good to hear more from people who’s using PIT.
Thank You all for your thoughts so far.
new2invest replied to the topic Buying IP and Taxation and Ownership in the forum Legal & Accounting 13 years, 3 months ago
@Shape and @Terryw thanx for the valuable info.
I read about Trust etc….but dont really want to get into that right now considering it’s my first IP.
I’ll just make an appointment with a property accountant to go over this.
I also look in the contract for the “Tenants in common’ can’t find it.
My next step is visit an accountant and see what…[Read more]
new2invest replied to the topic IP @ Phillip Island for the Long Term. in the forum Creative Investing 13 years, 3 months ago
Thx @Shape and @KT for responding.
I am still very interested to the idea of having an IP there one day…..
but i think for now I will just keep looking for capital growth props close to CBD (may be 20k from CBD.
See how I go..hopefully after spending last 6 mnths reading books and learning more about Tax …i feel ready.
Time to take some…[Read more]
new2invest started the topic IP @ Phillip Island for the Long Term. in the forum Creative Investing 13 years, 3 months ago
Hi All
Just wondering if Phillip Island would be a good investment for the long term.
Properties have gone up in prices over the last 6 years and thinking what it would be like in the next 10 years.
Your thoughts?
new2invest replied to the topic Free Newsletters and book recommendations? in the forum Hi Chris
There is this one 13 years, 4 months ago
Hi Chris
There is this one which is FREE http://www.myrp.com.au/newsletter.do but I am also considering the $2.30/wk subscription as well.
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