No you can’t claim depreciation when sold. In fact you will probably have to add back any depreciation claimed (reduce the cost base by the DIV43 claims that you made or could have made = building depreciation).

You can ask, but it may still be worth getting your own as the life of certain assets starts again on purchase

If you renovate you will have receipts so the cost of items can be added to your schedule. If you dispose of items you may be able to scrap them and write off any remaining depreciation claims not otherwise claimed – many depreciation companies will amend your report for no charge in situations like this.

If you have any specific asset protection questions ask away, but I can’t really answer ‘should I’ type questions with something other then ‘it depends’ because it really does depend.

example.
Should I use a trust to buy property in NSW?

This will depend on
– if it is negatively geared
– you have used up your land tax threshold already
– if you are concerned about asset protection
– if you understand the implications on death
– on your family situation
– on your financial situation

For example if you are a business owner and need to give perosnal guarantees for leases etc then you may be at risk of being sued. You now have to consider whether you are willing to pay an extra 1.6% pa in land tax to gain some asset protection. On a $400,000 land value property this would equate to $6,400 per year in land tax which you would not otherwise have. Is asset protection worth paying $6,400 per year for the next 40 years or so?

If not, then there are other options – a company with shares owned by the trustee of a discretionary trust.
Alternatively a property owned by your spouse.
or owned by yourself with a mortgage to a discretionary trust

If you are buying in QLD the same issues don’t arise because a trust gets a separate land tax threshold.

Once you have determined the ownership structure you need to determine the structure of the structure – terms of the trust, who plays what role, planning for death, bankruptcy, insolvency and family law disputes. If a company is involved then you need to determine the structure of hte company.

Once that is done then you need to understand how to fund it – gift or loan the deposit in. Who should be the giftor/lender and who to dcocument this

etc

etc

the property couch podcasts are generally good – but not this one. Best to avoid it.

No need to cross collateralise – because you can do the same thing without.

Well you might be able to sue someone for the loss you have incurred so make sure you get some legal advice.

Why do you think the body corp is responsible for repairs to your unit?

You would simply go back to the same bank and ask to borrow more.
You could increase your loan to 80% LVR or go up to 90% LVR with LMI payable (but a credit received for the amount already paid).

Make sure you consider the tax aspects of loan structuring – you would probably want to refinance the $50k used from the LOC so that you can use this LOC for the next property. Make sure all loans have only 1 purpose – no mixing.

You should seek proper tax advice.

You will need to apportion the land over the 2 halves taking into account any remaining house. You will need to pay a valuer to do this as it will be unlikely the that 2 halves are identical – they may have different aspects, views, positions, neighbours etc.
Any expense relating solely to one block would be an expense against that block.

There is no calculator for this sort of thing.

Also consider – does CGT even apply? It could be revenue.

And GST.