All Topics / Help Needed! / FHOG and tax benefits

Viewing 9 posts - 1 through 9 (of 9 total)
  • Profile photo of Benny MBenny M
    Participant
    @benny-m
    Join Date: 2005
    Post Count: 16

    Hi,

    Im looking at buying a property as a PPOR for which I will be eligible for the first home owners grant. However, the property is split level with the top level already rented out which I will want to keep that way. Will I still be able to get the FHOG and be entitled to the tax benefits associated with the income producing top level?

    Any help would be great.
    Thanks,
    Ben

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213

    Get some proper advice. You may lose the CGT exemption if you rent out part of your place. You probably could still get the grant though.

    Terryw
    Discover Home Loans
    Parramatta
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    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

    Profile photo of Josh-PrestigeloansJosh-Prestigeloans
    Member
    @josh-prestigeloans
    Join Date: 2006
    Post Count: 62

    To better assist, can you please advise which state you are in?

    every FHBG differs from every state.

    and also listen to Terry :)

    Regards

    Joshua McEwen
    Finance Broker – WA

    http://www.prestigeloans.com.au

    Brokers Lic 1297
    Licensee Brett Christie

    Profile photo of Mortgage HunterMortgage Hunter
    Participant
    @mortgage-hunter
    Join Date: 2003
    Post Count: 3,781
    Originally posted by Josh-Prestigeloans:

    To better assist, can you please advise which state you are in?

    every FHBG differs from every state.

    and also listen to Terry :)

    Regards

    Joshua McEwen
    Finance Broker – WA

    http://www.prestigeloans.com.au

    Brokers Lic 1297
    Licensee Brett Christie

    What do you think are the most significant differences between states Josh? Esp the differences that might affect this example.

    I see it all based upon the same legislation.

    Simon Macks
    Residential and Commercial Finance Broker
    ***NODOC @ 7.15% to 70% LVR***
    [email protected]
    0425 228 985

    Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.

    Profile photo of ogilvyogilvy
    Member
    @ogilvy
    Join Date: 2006
    Post Count: 32

    Not directly related to this question but has to do with the FHOG. Are there any occasions where you can receive 2 x grants for one property (in NSW that would amount to $14000) if the property was listed under 2 owners ? I didnt think so but a friend of mine was adamant that this was possible.

    Anyone?

    [offtopic]

    Profile photo of Josh-PrestigeloansJosh-Prestigeloans
    Member
    @josh-prestigeloans
    Join Date: 2006
    Post Count: 62

    yeah the FHBG doesnt really effect the example. Just asking.

    Regards

    Joshua McEwen
    Finance Broker – WA

    http://www.prestigeloans.com.au

    Brokers Lic 1297
    Licensee Brett Christie

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213
    Originally posted by ogilvy:

    Not directly related to this question but has to do with the FHOG. Are there any occasions where you can receive 2 x grants for one property (in NSW that would amount to $14000) if the property was listed under 2 owners ? I didnt think so but a friend of mine was adamant that this was possible.

    Anyone?

    [offtopic]

    I beleive it is only available jointly, ie shares by the two owners.

    Terryw
    Discover Home Loans
    Parramatta
    [email protected]
    Sign up to my mailing list.
    Just send me a blank email, with “subscribe” in subject line.

    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

    Profile photo of Mortgage HunterMortgage Hunter
    Participant
    @mortgage-hunter
    Join Date: 2003
    Post Count: 3,781

    Terry is right – no way to double dip on the same property.

    If the property is in two titles and you buy one each and you are not defacto or married then it is treated as two seperate transactions – ie you buy each side of a duplex say.

    Simon Macks
    Residential and Commercial Finance Broker
    ***NODOC @ 7.15% to 70% LVR***
    [email protected]
    0425 228 985

    Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.

    Profile photo of Benny MBenny M
    Participant
    @benny-m
    Join Date: 2005
    Post Count: 16

    Thanks guys, will get some proper advice before I go any further.
    For the record, Im in NSW.

    Cheers,
    Ben

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