Hi Everyone,
I currently have three properties, a unit, house and block of land.
The last item was purchased in Aug 07. I have 10k and I am on $75K.
where to from here? heard that to get max tax breaks I should get something before June 30th
please advise, can i get something with what I Am on, what my limit etcta
Mel
Hi Mel,
firstly congratulations on your progress to date.
Do not invest in property assets merely for the benefits of tax breaks and certainly do not rush to buy before June 30. No offence but your income is not that high (yet) at pushing such boundaries, and needing to rush. If you are able to deduct office expenses and there is a need then obviously make significant purchsases of these items before June 30 such as notebook computer, printers, etc. But do not rush for property purchases.
I am assuming by the above that you earn 75 K and that you have 10 K (?? in cash/savings). Some more info would be helpful in giving further suggestions.
How much net equity do you have to tap into?
How is your servicability to fund another purchase without it cramping/affecting your lifestyle?
Where are you thinking of purchasing and where are your current properties?
Finally, taking action is great, but…….HASTEN SLOWLY
Have you thought about building on your land? Rather than forking out for a new property it might make better sense to get some rental income off your land.
Put the 10k on QLD on the next State of Origin, 100% guaranteed, and no tax liability
haah! no way, not by the way they played last week!
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