Your ex's 50% can be rented out. The tax treatment for them is pretty much the same as if the whole house was rented, they claim 50% of expenses etc.

You have a 3 bedroom house. You have the master bedroom and rent the other two rooms to your best friend and another random person found from an online property investing forum

The master bedroom is slightly larger than the other two bedrooms. The master also has an en suite bathroom.

The common areas such as lounge, kitchen…[Read more]

If you do a substantial reno which results in a 'new building' (as determined by the ATO) and you originally intend to, and in fact do, sell the property within 5 years you can claim GST. You also have to pay 1/11th of the sale…[Read more]

Also even if you could somehow wrangle it to be running a business of holiday rentals you can end up in business banking with higher interest rates and lower LVRs.

Can move in and do the reno, then move out and rent out.

Reno costs are capitalised into the cost base of the property for CGT purposes

Property will be eligible to be claimed as your PPOR for up to six years after you…[Read more]

All the proceeds of the sale of the investment is used to repay as much of the loan as possible (don't go on holiday with the proceeds)

You are unable to repay the loan from other assets, other than the family home…[Read more]

For example, my partner and I recently purchased a modest block of land in a regional town. Our offer was…[Read more]

Maybe Steve can add that to his list of  "income accelerators"?

propertyinvesting.com/dating-for-profit ?

First the tax office would likely argue that as you are living in the property yourself the tax deductions are private in nature. As Terryw states you cannot rent property to yourself, so the tax office would deny the…[Read more]

Hard to find finance for student accommodation?

Is there better cheaper student accommodation coming online soon?

Pre-nuptial agreement for future ex-spouse? But I don't think these work much in Aus?

Terryw or someone else have any war stories about pre-nups?

The majority of financial advisors are more interested in selling financial products in my experience.

Your mortgage broker should be able to help work out changes in repayments for changes in interest rates or if you're IO…[Read more]

$15k with a uni degree at the age of 23 is hardly modest! You're being too hard on yourself! 

Yes, $15k is not likely to be…[Read more]

Investing is always risky, that is why we generate a return. Key is to manage the risks. Try documenting all the risks associated with your deal. Try to access the financial impact of these risks, the…[Read more]

Like Scotty says go see your accountant asap.

Issues you should be discussing with your accountant;

Are you required to be registered for GST?
Should you have back dated your registration to 5 Nov 12, can this still be back dated?
Did you register for GST on a cash basis or…[Read more]

For best results you should discuss your plans with your accountant, lawyer, & broker before executing.

Get prepared and organised for your next deal, paying stamp duty once is bad enough!

In WA trusts are usually assessed for land tax on the WA property owned within the trust (and is not aggregated with land you hold in your own name).

With WA land tax the first $300,000 of land has a nil rate of land tax. Greater than $300k to $1M you pay…[Read more]

Hold the land for 12 months to claim the 50% CGT discount…[Read more]

I was thinking Benjamins would be gracing your behind

I had a couple of thoughts about your situation.

What entity does your business trade and operate in? If you are trading in a trust you might be able to do something more tax effective with your $80k profit each year. Possibly distribute the profit to a company which can lend it back to the business with interest. In this way you only…[Read more]

Thanks for your interest. I have taken the document down for now.

If you would like a copy please send me an email and I will forward you a copy.

Cheers

Richard

Much appreciated.

Tax residency is very different from immigration/citizenship, if everyone plans ahead it should not be an issue, however things can change very quickly.

A disaster would be to have a snap decision that someone was to reside in India (for example, to look after parents or for a new relationship) and…[Read more]

I've labeled SMSF has expensive, more so relative to the other entities. SMSF accounting and tax returns are often more complex and require an independent auditor by an approved auditor which all adds to year end accounting fees. Also I believe SMSF trustees are more likely to need ongoing advice to stay compliant…[Read more]

A SMSF (trustee and majority of contributing members) must be an Australian resident to receive concessional tax treatment.

Make sure you plan ahead for the possibility that one or more of your friends decides to reside in…[Read more]

GSTR 2003/3 – Goods and services tax: when is a sale of real property a sale of new residential premises

http://law.ato.gov.au/atolaw/view.htm?docid=GST/GSTR20033/NAT/ATO/00001

EXTRACT:

60. Whether renovations are substantial is to be determined in the light of…[Read more]

For example to avoid vesting, just set up a company trustee and trust in South Australia. Wait 80 years and see if it works.

Made me chuckle, thanks Terry

Is your accountant possibly doing more work on your MYOB file than you think? Accounting fees can always blow out on this.

Otherwise, for $13k of fees per annum I would expect to be getting a lot of personalised advice.

I was just referring to the original poster Astroboy71

I think it is a real blow for SA. The expansion was an enormous amount of activity for SA. Personally I am not changing my investment plans, I just think we'll miss out on a Perth / WA like boom, at least for the…[Read more]

Mortgage choice seemed uneasy with Blue Wealth's vested interests too.

I my experience buyers can be turned off by a cheap quality transportable versus a known brand.

I would wonder with all the heart ache (customs, freight etc) of importing a kit home it might be…[Read more]

It is an unfortunate tax outcome that when an asset is replaced under warranty you effectively claim your remaining depreciation over a longer time period. But I suppose you now have brand spanking new asset.

http://3.bp.blogspot.com/-9yX8DAg1tjM/T3rsS9te7rI/AAAAAAAAABA/1KOcSXzjWA4/s1600/Phil-Dunphy-modern-family-16777332-500-282.jpg

Brilliant!

My understanding is Livewildcard has involuntarily disposed of the original A/C unit and received a new replacement A/C unit.

Based on my understanding, for tax this means;

You have a balancing adjustment on the disposal of your original A/C…[Read more]

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Answer: Concessional contributions (where a tax deduction is claimed, or paid from pre-tax dollars such as 9% super guarantee or salary sacrifice) are taxed at a flat 15% in the SMSF. Non-concessional…[Read more]

Hi Dan, that is the standard income test for most items such as medicare levy surcharge and certain tax offets. The super co-contribution income test is more strict. Taxable income is not necessarily used,…[Read more]