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Viewing 15 posts - 1 through 15 (of 15 total)
  • Profile photo of silverxsilverx
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    @silverx
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    April 20, 2011 - 10:47 am

    Terry: mmm if only I can employ her to take care of our daughter :) it’s more than a full time job

    On serious side, I might look at setting up a company and employ her

    Profile photo of silverxsilverx
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    April 20, 2011 - 10:42 am

    Terry: interesting suggestion regarding the trust, can you tell me more about it? will I be able to set it up and channel my income there?
    Richard: I’m in queensland and apparently I would be exempted if it’s from single ownership to joint ownership but not the other way around. I’m happy if I’m wrong though

    Profile photo of silverxsilverx
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    March 31, 2010 - 10:53 pm

    Wow… That really put things into perspective. The only way really is to come up with the cash deposit if I want to purchased new ppor because by using current ppor equity I wouldn’t be able to claim deduction even if it’s turned into an ip.

    I’m even on the worse shape that I thought I was, coz now I would have to save that deposit somewhere else as I wouldn’t be able to pay my mortgage to reduce my loan because it doesn’t have offset account :(

    grrrrrr

    Profile photo of silverxsilverx
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    March 31, 2010 - 10:05 am

    Thank you Richard for your input
    it does sound abit messy doesn’t it.

    One more question though

    “Unfortunately even though your current property is used as security for the new PPOR the interest is not deductible once you move into the property.”

    why can’t I claim the interest since current property is going to rented out?

    Profile photo of silverxsilverx
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    March 31, 2010 - 7:51 am

    Bump

    Profile photo of silverxsilverx
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    March 26, 2010 - 11:58 am

    Thank you sonya,

    i have got around 290k loan on current ppor, i would keep it as an ip. I am looking to refinance therefore there would be associated cost involved, therefore i am not sure which costs are actually tax deductible and which ones aren't.

    If i receive the rental from now till august does it mean my house is an IP on the settlement day? The stamp duty will be much higher for property if it's an IP :(

    btw glad to hear positive outcome for your investment… i hope i would experience the same :)

    regards

    Profile photo of silverxsilverx
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    March 18, 2010 - 10:18 pm

    7 years as maximum? So let’s say I live in a property for 10 years, rent it out for 5 years, the cgt exemption only applies to 7 years? Making 8 years are taxable instead of 5 years?

    Profile photo of silverxsilverx
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    March 12, 2010 - 7:50 am

    I don’t really get it guys sorry :) yeah I’m dumb

    so if you bought a property, rent it out for less than 6 years and you don’t have to pay cgt?

    As long as u don’t claim any cgt exemption during that period of course

    am I right here?

    Profile photo of silverxsilverx
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    March 5, 2010 - 12:10 am

    You are right, I didn’t understand it before

    guess I just have to swallow it this time or start fresh by selling this property to avoid all sort of issues in the future

    cheers

    Profile photo of silverxsilverx
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    March 4, 2010 - 9:57 pm

    Yes I will refinance to a total of 750k and split it to 500k and 250k structure. What I am trying to get is to utilise my redraws without changing the loan amount or redrawing the money

    sorry if I sound confusing, I am confused myself :)

    it’s just abit unfair we can’t redraw our extra repayment for private use without tax issue down the road :(

    Profile photo of silverxsilverx
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    March 4, 2010 - 12:56 pm

    sorry to bring this one up again
    how about this scenario, please let me know if im totally losing it

    say, i bring down my current mortgage to 250k, i then go ahead and purchase another property for 500k. My current property worth 380k right so my total security will be 880k.

    I then go and refinance my current loan with another lender, so from 880k security, say i will get 90% loan so that makes it 792k maximum i can borrow
     
    but because the new house is 500k plus current loan at 250k, that will come to total loan of 750k, where 250k will be on separate account for easy tax calculation and 500k on my new ppor loan.

    is this scenario feasible? i will be able to use my redraws without actually redrawing it and is this legal from tax perspective?

    thank you

    Profile photo of silverxsilverx
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    March 4, 2010 - 6:12 am

    Thanks Terry that’s perfect answer
    cheers

    Profile photo of silverxsilverx
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    March 4, 2010 - 5:12 am

    I see what you mean Terry, but how would they know considering when I turn this ppor to an ip I would refinance the loan anyway. Therefore the only thing that’s apparent was my starting new loan, which will be the total loan value minus the money I have withdrawn.

    The redraw is for new ppor deposit by the way.

    Regards

    Profile photo of silverxsilverx
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    March 4, 2010 - 4:30 am

    But at this point my current mortgage is not tax deductible because it’s a ppor, so if I redraw now as opposed to when it’s turned into investment property, isn’t it fair to assume that should be ok?

    Profile photo of silverxsilverx
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    March 3, 2010 - 1:43 pm

    what if i redraw now, months before i purchase another property to become my ppor, that would be good idea as well yeah?

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