Interest Only Loans

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Mortgage Hunter
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@mortgage-hunter
Join Date: 2003
Post Count: 3,781
March 13, 2007 - 12:47 am
Originally posted by dacium:
There are some exceptions, like you said with livining in a rental.
But I would check with your tax man to make sure you are doing it correctly. The reason for this is because if you don’t pay GCT you are liable to pay back all tax you have deducted over the years as a ‘loss’ on an investment house that didn’t end up being classed as an investment, and you will have to pay the money back with interest.
Daicum,
You made some valid posts and certainly wrote some long ones.
But this last one is just plain wrong and shows up your lack of depth of knowledge.
All the rest is just opinions …
Simon Macks
Residential and Commercial Finance Broker
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Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Terryw
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@terryw
Join Date: 2001
Post Count: 16,213
March 13, 2007 - 1:23 am
Originally posted by dacium:
The reason for this is because if you don’t pay GCT you are liable to pay back all tax you have deducted over the years as a ‘loss’ on an investment house that didn’t end up being classed as an investment, and you will have to pay the money back with interest.
I disagree with this.
Maybe you are confusing adding back depreciation claimed over the years when calculating CGT?
Terryw
Discover Home Loans
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Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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Opportunity In Everything
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@opportunity-in-everything
Join Date: 2006
Post Count: 122
March 13, 2007 - 11:53 am
All very well and good isn’t it. The issue is surley more about serviceability. That is for members of the forum who generally would be in the growing phase of their portfolios?
If I purchased a property for $175,000 and sold it a year latter for $245,000 i’d be doing pretty well yeah. Especially if i’d only been able to buy that property through utilising IO loans.
Opportunity in everythinng