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I think it’s a great idea.
For young people who might not have a lot of capital, it may also be a good way of finding like-minded people to invest with.
I assume that on the tenancy application of any competent PM, there should be a statement to the effect that the applicant agrees that the PM or the owner may contact the named people for any purpose related to renting the property. Otherwise, what would be the point of naming the previous PM, referees, etc?
If there was such a statement, then you’re not likely to be in breach of privacy laws (unless there’s a particularly obscure one in that State/Territory).
If there wasn’t, your PM has a negligence issue.
I don’t think you can claim set up costs like trusts – they’d be capital, wouldn’t they?
Melissa
True, but then he still has to occupy it first. Renting it out before occupation would not count.
I’m not sure about the deductibility of interest on a primary residence (because it would still be a primary residence vis-a-vis the ATO).
Where exactly does it say that you can own an investment property?
Originally posted by Mobile Mortgage:Prior to 1st July 2000
http://www.firsthome.gov.au/Regards
Steven
Mortgage BrokerMobile Mortgage Market
Ph: 0402 483 216
[email protected]
http://www.mobilemortgagemarket.com.auPLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.
But if you claim any deductions then you must also exclude that period of time from the primary residence CGT exemption.
Originally posted by Mortgage Hunter:You can claim tax deductions for the period the propery is available to be rented.
Simon Macks
Finance Broker
[email protected]
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.
