Hi Clintone,Terry is right.To be a bit more specific, you must live in the property yourself for the six consecutive months out of the first 12 months that you own the property.Also, you (and anyone buying the property with you) must never have owned a property as a PPOR before (that is, you cannot have lived in a property that you owned AT ALL,…[Read more]

Speaking as someone who has had to report losses in income from a business in the past when my first business went belly up around the time our daughter was born, I fail to see how a net investment loss  can be deemed as anything other than a negative income (after all, it's reduced your income for the year).I mean, for those of you with shares,…[Read more]

Hi Mooki,I don't live in WA, but you might find some of the ideas on my new property investing site useful. I'm still working on adding pages about heaps of topics from design on a budget to improving rental returns and getting finance creatively, and I'll be adding book recommendations soon too.

There shouldn't be an income test issue as Dad is self-funded… Thanks, this has been such a help!The other thing I forgot to mention was that we can't really buy new and get a big enough house. Our home business takes up too much space, so the 1956 fibro that we can do up and add on to is a much better option than a 3 bedroom townhouse which we…[Read more]

Yes, Dad still works, but in five years, he's hoping to be retired (being 61 this week)We are already aware of the negative gearing possibilities of the house, so this does help a little. Good to know that CGT is less with income! Thanks!So I was right about the fair market value, not sale price? Do I need to ask the Tax Office about this "agreed…[Read more]

Hi Terry,Afraid it was a case of getting a leg into the market any way we could: and that meant the safest thing to do was have the house in Dad's name. Our credit is very poor right now. Not hopeless, but we owe too much from starting our business to get another loan as well, even with Dad as guarantor. I would have preferred to get the FHOG now…[Read more]