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chockey replied to the topic Gearing all of my loan - Tax man no like in the forum Legal & Accounting

Wed, 20 Apr 2005 01:10:50 +0000

I have heard that if you redraw some funds from your current loan to pay the deposit on the new house, then it may be possible to claim deductions on the current balance plus redraw amount.

But apparently this applies only if you redraw enough to simply meet the 20% requirement to not pay mortgage insurance. If you redraw to pay the minimum…[Read more]

chockey replied to the topic CGT Duration in the forum Legal & Accounting

Mon, 18 Apr 2005 22:04:40 +0000

I had a read through the ATO documentation on CGT, and it is so difficult to understand!

There are so many scenarios around how you may or may not be exempt from CGT.

I thought my case was fairly simple in that I bought a place, rented it out for 8 months, and then have lived in it for the last 3 years.

I thought that I would be exempt from…[Read more]

chockey replied to the topic Own unit, want to buy bigger plan, rent out unit in the forum Legal & Accounting

Mon, 18 Apr 2005 00:13:01 +0000

Originally posted by Derek:
In terms of continued tax deductions the balance of the loan on your unit is all the interest that you will be able to claim as any redrawn funds or equity used will be for new new home and as such these funds are not deductible.

Thanks for the reply. Wow, it looks like you’re saying that even if I redraw, I can only…[Read more]