We are looking to sell our home, and a seller recently pulled out due to work being needed. So we are thinking of possibly renting out (our PPOR) for a few years in the mean time, while we buy another house.
Down the track there are things that are going to need to be repaired. Retaining walls, and probably a re stump/leveling too.…[Read more]
Just a quick one on how to work out the base cost of a PPOR turned into IP. I believe i may have mucked up my tax return this year, as i’ve since read something i may have missed out on.
Purchase price plus fees etc was approx $160k, i sold for around $207 after deducting selling fees etc too. But i’ve since read that renovations can…[Read more]
Yeah it is for the over 55's. It at Oxford Crest. And it's strata.
I would like to refinance both IP's, but i mainly just want to uncross collateralise them, if i can't sell the unit for the time being then so be it. I don't want to sell at a huge loss. The interest rate i'm paying on both the IP's is quite large, so ultimately i want to ge out…[Read more]
The pump and panels with tank probably only $1000 after rebates. But install of each will be approx $1500, that was what i was more hoping to claim straight away, the "labour"?ThanksMichael
"Work out" i should have written.As in, the 6 weeks or thereabouts that it's being rented before i refinance, just not worry about claiming any interest deductions during that time. And start a fresh with the interest deductions when it's refinanced and potentially not seen as a tainted loan?And yes, the 10k i will withdraw will be for repairs on…[Read more]
I was originally going to rent a room at a mates, but i don't know if i can do that now. I was going to buy a house i could renovate again, rather than rent. That was if this unit thing didn't work out. Would i be better off getting in contact with the ATO for definitive answers?
So i wouldn't have to declare any income from properties while i wasn't working? Is that the general thing here? I'm guessing it opens a whole new can of worms if i was getting paid to work in a foreign country but not a citizen of that country?
balniks replied to the topic Refinancing 2 Loans? PPOR + INVESTMENT (tax question) in the forum Legal & Accounting 10 years, 1 month ago
Cheers, Thanks a heap guys
Thanks again,So, i understand what you are saying, to set it up for my long term goals. My P&I loan is already a 100% offset, so i could just change that now to IO. RHG do 5 years IO. (I would be looking at probably $2500 in exit/ entry fees on a new loan/s) So in theory, doing that will lower my weekly repayments now, while keepin money in t…[Read more]
Richard,In maybe 3 years time i am planning on moving from my PPOR which is the P&I Loan. And then i will rent out my PPOR, so i am led to believe that it is best not to pay this off, i will still have at least 70k owing by then anyways. (I will be buying a new PPOR) And the redraw won't be much, about 4k and it's for personal use (a vehicle) b…[Read more]
Thanks for your input.Sounds like there is a bit to think about for sure. The house that i move into on the block of land will turn into my ppor, will this still make a difference in regards to the interest and tax?
To be a bit more precise, here is the list from Rams: Bear in mind this was purchased March 2007, and is my first investment property.
Office of State Revenue: $416
Registrar Of Titles : $334
Doc Mortgage: $28
In a Minute Courier $88
Prime Legal: $38
Paid to…[Read more]