Kempezy, what is a shack community? Is this a recognised group of squatters who have built humpies then been granted title to the land?

Have you built the room?

Does the agent know it is is 3 bedroom house now?

Has the agent updated the adverts?

Has it helped the sale?

One of  my colleagues have used serviceseeking.com.au with good results, everything from plumbers, chippies, gyprockers painters etc.

You make no mention of depreciation on either of your properties yet the "Narangba" property is new. There should be some mileage in revising the depreciation for both of these assets and getting amended tax returns submitted through your accountant. 

My calculator gives you a $7.5k loss as well (more if you haven't taken up any depreciation) – unless of course you own the properties within two separate trusts and can't distribute the loss.

I'd still persue your HR manager with regards to getting a novated lease, many companies do it regardless of position, there will be FBT to be paid (esp if it is 100% personal use ie a car used solely by your wife).

Yes, however you will be clearing out your offset account (or leasing a car as part of your new package with your employer), so you will either reduce your taxable income by paying more interest (less from offset) or additional deductibles (car lease).

Not as good as this one: Sandy Island – New Caledonia

It must have been low tide when Google spotted it!

Not an optimist Anthony, a realist. You haven't seen misery or the effects of the GFC until you spend some time in the US or the Eurozone. If you look at our markets ie Indo/China/India/Asia, these economies have been steadily growing with a new Sydney worth of middle class annually in each of these countries.

When you look at the failures of the US and Europe and compare them back to the Australian market, you soon realise that the fundamentals are totally different.

In some parts of Europe, new house construction accounted for over 30% of GDP :eek: when you compare this to our figure of around 8% you soon realise that the OS situation where supply outstrips demand for several years, there is bound to be a massive correction. Conversely, in the US, where demand for IPs was fueled by liberal lending policies (think CMBS with very poor covenants) and there was another time bomb.

Sounds wrong on so many levelz (sic). 

If you have $40k in the offset, use it for the car and avoid contaminating your loan with non-deductible debt. Then get a LOC from the Emerald Unit for your $40K deposit.

This avoids having to work out how much of your loan is not tax deductible.

What's wrong with having positively geared property? Will you be buying in Mackay or renting there – how is this to be funded?

If all else fails, see a financial planner or accountant to assist.

Now, where did I read "do not covet your neighbour's wife (or cut his/her grass)" 

Have you changed agent too now Joe? that link is broken.