All Topics / Legal & Accounting / Redraw acounts

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  • Profile photo of yobbo1yobbo1
    Member
    @yobbo1
    Join Date: 2010
    Post Count: 13
    November 1, 2012 - 11:33 pm

    Hi all,

    I am starting to taking a closer look at the finer finances relating to investment properties particularly with regard to taxes. I have 2 investment properties and have about $4000 in each of the redraw accounts of these properties.

    How do most of you handle and manage the redraw accounts on investment properties?

    regards

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213
    November 2, 2012 - 12:07 am

    Be very careful about redrawing money. Get some tax advice first, but generally you could use the money as deposits on the next property – $8000 is no enough at this stage though.

    And don't be tempted to increase this by paying the loan down, it would be more effective to borrow the equity.

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

Viewing 2 posts - 1 through 2 (of 2 total)

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