All Topics / Legal & Accounting / FHOG in a partnership

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  • Profile photo of projectsplatprojectsplat
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    @projectsplat
    Join Date: 2004
    Post Count: 8
    June 19, 2004 - 9:48 am

    Hi,

    I am a noob here, so forgive me if this question seems inane. After working through Steve’s book, I have initiated discussions with two close associates in relation to purchasing an IP between the three of us. All three of us are elegible for the FHOG.

    The question that has arisen is that if we were to purchase a property between three, would all three of us be able to claim the FHOG on this property?

    i suppose that the other option would be that we would take it in turns claiming the FHOG on three successive properties….

    Cheers, and thanks in advance.

    Al

    Profile photo of projectsplatprojectsplat
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    @projectsplat
    Join Date: 2004
    Post Count: 8
    June 19, 2004 - 10:56 am

    Hi,

    Sorry, there is the intention to live in this property for at least 6 months prior to renting it out.

    Thanks

    Alister

    Profile photo of projectsplatprojectsplat
    Member
    @projectsplat
    Join Date: 2004
    Post Count: 8
    June 20, 2004 - 7:50 am

    Robert,

    Thanks for the advice. I have done a bit of hunting and found that the SRO cover the administration of the FHOG in Victoria. I am going to give them a call in the morning and find out what the deal is.

    There is a plan afoot. I guess that I am in the process of conducting a feasibility study on it. If not feasible, then plenty more ideas where that came from.

    Cheers

    Al

    Profile photo of melbearmelbear
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    @melbear
    Join Date: 2003
    Post Count: 2,429
    June 20, 2004 - 12:12 pm

    Al

    If you are all on title, then only one FHOG will be paid, and there will be loss of eligibility for all in future.

    You could, however, buy IPs between the three of you, NOT live in them, and when the time came you would still be eligible for the FHOG (only ONE per property though!)

    Cheers
    Mel

    Profile photo of projectsplatprojectsplat
    Member
    @projectsplat
    Join Date: 2004
    Post Count: 8
    June 21, 2004 - 12:56 pm

    Mel,

    Thanks so much for your response. The idea resulted from an “i wonder if” scenario, so i didn;t have high hopes. Your positive input has at least given me a different avenue to pursue.

    Cheers,

    Al

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