VF, It comes down to your aversion to debt, as you have already stated you own Sydney property outright. If your plan is to own several properties, then IO loans are the way to achieve this sooner. As you stated that your Brighton property will one day become an IP, you should consider switching this to IO sooner rather than later. You can always…[Read more]

Richo, Quick search of ATO suggests there is a 2 year limit on individuals and small business.
Give the ATO a ring and they can lead you towards the forms to be completed for amendment.

http://ato.gov.au/General/Correct-a-mistake-or-dispute-a-decision/Correct-%28amend%29-an-income-tax-return/Amendments/

renel, regardless of the cost, make sure the tax agent knows their stuff in property ownership as this will cost you big time in the long run.
My wife and I have 3 properties and both work, our last years returns cost $260 each for preparation.
Agent manages 3 depreciation reports and I supply 3 excel spreadsheets with income and expenses sorted…[Read more]

Donna, against the advice given by 'Investily', you can sell within the 10 year period to anyone. You have the choice to offer it to an investor to remain within the NRAS scheme or you can sell it to open market and have the property removed from the NRAS pool.

There is generally a 6 month notification clause if you wish to sell outside of NRAS…[Read more]

Tuggerwaugh, best to start with the Residential Tenancies Act of Tasmania  http://www.austlii.edu.au/au/legis/tas/consol_act/rta1997201/As for phone contact, the best place to start is through Consumer Affairs and Fair Trading on 1300 65 44 99. They are responsible for the Residential Tenancies Act.This change of removing the carpets and NOT…[Read more]

Hey Dean,Just bought my second IP, this time in Brisbane. Brand new 3 bedroom unit in complex. There were 3 different buyers purchasing same layout of unit who had 3 different valuers from 3 lenders.One came in and valued at the sale price, one valued at sale -5% and mine valued at sale -10%.Exactly the same property but with a $30000 variation.I…[Read more]