Sorry but I think I made the question confusing and misleading. My mother-in-law took out a LOC; my partner and I bought an IP using $70000 borrowed from that LOC. My mother-in-law has nothing to do with the IP my partner and I purchased. Does that make sense? She lent us that $70000 taken from her LOC. Only my partner’s and my name are…[Read more]
Thanks for answering Mark. I had some bad advice from a previous accountant so I am a bit wary this time. I didn’t want to claim for something that I wasn’t entitled to so I wanted to double check.
Hi guys, I have a tax deduction question that I’ve not seen asked before.
Last financial year, my mother-in-law took out a LOC against her fully paid off IP. We borrowed from her LOC $70,000 to use as a deposit for purchasing an IP. Is the interest charged to her on this $70000 tax deductible for us? I assume it is seeing we are borrowing this m…[Read more]
I love reading this forum and getting inspired by the amazing people on here, so I thought I would ask this tax question which has been puzzling me.
I have been using various online income tax calculators (including the ATO’s) to work out an approximation of my tax return this year, and they all seem to give around the same result so I guess…[Read more]
Thanks to everyone for their valuable comments. It is a good lesson learned and I will be careful in the future about authorising such work without getting extra quotes. And The Dark Knight hit it straight on the head, it is regional Victoria!
Thanks for your response.
The house is in a residential zone, and behind the property there are light industries on a large block of land. You wouldn't even know there was an industrial area at all because all the buildings in the industrial zone are low.
The upside is that the property is easily manageable and sits on subdivideable…[Read more]
I would have thought "near the start" would mean when we gave the contract and Section 32 to the solicitor to peruse, not after they've had the contract amended and we've all signed it. Anyway, we have not signed the costs agreement yet because we only received it yesterday, two weeks after engaging the solicitor to do the…
We did receive a costs agreement, but not at the beginning when we engaged their services. We only got a costs agreement and disclosure statement halfway through the process (after contracts exchanged and deposit for the property was paid). If we cancel their services now, they will charge me for the work they've done up till now; can I challenge…[Read more]