I would like to know if I lay new Lawn at one of my IP – can I claim it back during tax return?
Old lawn was destroyed buy previous tenants and zero care after they left – so it is just patches of weeds everywhere.( I can get evidence like photos and letters from RE agent and company who can lay new turf)

Will it classify as repair in…[Read more]

I moved to Gold Coast so I used your advice and booked appointment with Gold Bussiness Group for tax return this year

Thanks,

Slavik

so I leave everything as it is and just need to do Valuation for this Unit (ex PPOR)  that became IP recently?

…went to GOOGLE to get more info about CGT….

all comments make sense

but what if in the future I decide to sell one IP which has a lot of equity? in this case if I increase LVR to max and transfer equity to another IP I will save on CGT. Is it right ?

and another point why I want to do this: That IP is in mining town so it can drop value at some stage (maybe not) so I rather get…[Read more]

I want to have two CF+ IP.  yes they are both under my name.

My loans are separate but with one bank and cross-collateralised.

Correct me if I am wrong: if you are with one bank and your loans are x-coll BANK see them as one big loan. (like in my case: IP #1 is around $320K and debt is $170K so…[Read more]

no wonder you have no mates Scott with these kind of advises lol

but $47 K loan and Unit loan $170 K they have same interest rate @ 5.79

The highest is Brisbane one – locked for 3 years ( 2.5 left) @ 5.89

I am thinking to put money to offset account # 2 to reduce negative gearing on Brisbane house.

everything is IO. figures are correct. House is 4/2/2 in Narangba QLD. Land is 400m2

Unfortunately so many people do this mistake – it;s not funny! Even accountants can't get it right !

I asked my accountant can I put money back and this is her reply : "Yes, that will be okay. No problem with apportionment if it was only a couple of weeks."

Any comments?

still 100% tax deductible?

I think it is pretty simple: it is a business. The goal of any business is to make money ! With growing staff they need…[Read more]

I withdrew $9.5K from Emerald home loan and put it on Offset account. Is it to late to put it back?

or just keep it at offset and claim only ~ 95% in tax deduction vs 100% ? ( Debt 185 K atm)

Thanks

I spoke with NAB before and HAHAHA that's excactly what they said !

I have couple of questions about Emerald unit: 

1) It will become IP with IO loan in the end of December – do I need offset account for it ?

2) I have $3000 on Emerald loan that I can redraw before it becomes IP with IO – is it ok do redraw money now?

Thanks…[Read more]

I think any criticism is good. Because it make you think and think hard ! You don't become complacent and through deep analysis you can figure out what is good or what is bad for you in given circumstances. Every situation is unique.

I fully agree with Nigel Kibel that the FAMILY is the worst ! You always can ignore other people but you…[Read more]

I spoke with NAB and they said it will cost me $8.5K to brake fixed loan so I can uncross-coll

The story is that I bought second house from so-called investment guru and financial adviser in Emerald who works with NAB only and sells expensive houses with his builder…[Read more]

I forgot to mention: Emerald Unit is 1 year old and fully furnished. Yes Narangba is brand new.

Ok I will use offset money to buy new PPOR in Mackay with different lender.

 Car can wait ( see what happens with novated lease) 

I will…[Read more]

Emerald unit $ 900 / month – interest only x 12 = 10,800
tenants rent $450 / week (after real estate fees) x 52 =$ 23,400

Profit= $12,600 – 2K strata – 2K council rates – 1K insurance – 600 extra = $ 7K

Brisbane house: $2400/ month – interest only x 12 = $28,800
tenants rent: $1500 / month (after real estate fees) x 12 =…[Read more]

@ Scott: company will issue me a work car and knowing my company they will not accept Novated lease unless I am manager.

@Jamie M: Yes Emerald will become interest only IP.

I can't use any equity from any of my IP because they cross -coll and Narangba house is locked for 2.5 years now on fixed term. Scott suggested…[Read more]

if I leave this set up the way it is I will get $200/ week in profit – means more tax

Yeah I made few mistakes here and there…

Never though about LOC- need to research. So I just ask NAB to open LOC for say $50K. and use them as deposit with another lander ?

I want to buy in 6 months in Mackay.

Nothing wrong with Positive gearing but I am paying too much tax every year ~ $ 30K and if it is Positive I…[Read more]