Usually date of contract for the purchase of the land.

If it was first used as a main residence then two options
1. Keep it as your main residence while renting out, temp absence rules. s118_145 ITAA 1997
or
2. s118-192 ITAA 1997 first use to produce income.
” (2) You are taken to have * acquired the * dwelling or your * ownership interest at the income time for its * market value at that time.

“
http://www.austlii.edu.au/au/legis/cth/consol_act/itaa1997240/s118.192.html

Someone could park cars there maybe?

You need to calculate the cost base. Cost of land and materials, stamp duty etc, Market value wouldn't come into it.

You have to be careful with leases with commercial.

Had a friend who purchased a property with a nice lease in place. A few weeks after settlement the company leasing was placed into administration. It turns out they were connected to the company selling the property. ie the company owner.

1. No

2. no

3. maybe

No you cannot transfer equity like that.

If the property is in VIC you could possibly sell it to your spouse for no stamp duty. if NSW full stamp duty would apply. But it may still be worth at as your spouse could borrow 100% and then claim the interest.

On a loan $400,000 that would amount to another $24,000 pa in tax deductions (approx).

If house in VIC one party can sell to the other party at full market value. Probably no stamp duty, and no CGT. Just legals and new loan fees. This will enable you to claim the interest on a loan to half of the value of the house

Yes, heaps of problems. Especially with unresponsive scripts. Somersoft is a professionally run forum without these sorts of problems

I've done it before and was lucky enough to rescind the contract.

Think about the fact that it could hold you back from investing in the meantime because you will have it hanging over your head. worried that if you buy something now you may not have enough capacity for the finance for the one off the plan.