GF tax issues are very complex. You need to seek advice as there are some strategies to reduce the impact.

sorry, should be s118-145

That is an old TD and would no longer apply because the relevant legislation is s118-146 of the ITAA 1997 – ie the laws have changed.

There is another ATO TD on what constitutes a 'principal residence' which you may want to look at too.

I am located in the CBD. Legally licensed to give credit, legal and tax advice.

The Dark Knight wrote:
As the above posters have stated probably be best to get another opinion. It might cause some problems at tax time though with using equity from your PPOR for an investment. From memory yoú/your accountant would have to sit down and go over the interest for the investment deductions but it's a good way of expanding your…[Read more]

Bit confusing. I cannot understand what you have written.

You cannot swap assets between trusts or consolidate them (at least without some major issues).

You could have children take over the trust. But whether this will assist you claiming social security will depend on many things. Complex stuff you need to seek legal advice.

jenny111 wrote:
Hi. 
Could someone please let me know which lenders offer a visa with 20K limit to cover for purchase costs, yet the limit is not included in the LVR calculation? And what the criteria would be? Is genuine savings is required and spread over what period? Thanks.

Regards,
Jenny111 

Adelaide bank possibly. $20k visa card in…[Read more]

Why should either get any grants?

High variable rate.

Qlds007 wrote:
Hi Terry

Never like to disagree with you as you know but might have to to so on this one.

http://law.ato.gov.au/atolaw/view.htm?docid=AID/AID2010162/00001

We have done a number of deals for clients this way thru a couple of leading Accountants in Brisbane and never had it raised. 
Several of the clients have been fully audited…[Read more]

Qlds007 wrote:
If you intended to consider that you may want to look at a Related Party Loan where you could lend money to the Super Fund at a cheaper rate.
Maybe borrow it personally at say 5.5% and lend it out at 4.5% claiming the Tax loss in your own name.

Richard, Lending at a loss? This would not be allowable because it is not a…[Read more]

Probably not a company.

A trust structure is well worth considering, but make sure you get good legal advice as there are about 10 areas you need to consider – succession, stamp duty, trust law, land tax, convenacing act, coroporations act, SMSF laws etc etc.

You have made one post and have listed a website – I would suggest people be wary of this sort of thing!

Good question – to which I don't know the answer.

You will have to look at what income they base the FTB B on – it is not taxable income. Any loss from a rental property could affect affect you – but not claiming a deduction would also mean a higher income from rent.

Yes in Vic it can be done for stamp duty of about $50. You will also have the opportunity of redoing the loans – you will have to anyway. If you set this up right you will be able to claim more interest and save more tax. You need to seek legal advice and tax advice and arrange for the conveyancing to do done. Loan exit and entry fees and govt…[Read more]

Spongy wrote:
Thank you all very much for your expertise.  After discussions with my brother he has decided not to go ahead with the uBank refinance.  I only have one investment property myself and unlikely to add to it as I'm now a stay at home mum so we're on one income, but I'm wishing I hasn't refinanced my loans!  Oh well, maybe when I go…[Read more]

the dangers of crossing securities.  they have you over a barrell and you will be at a disadvantage if you pay down an ip loan. you will end up paying more tax.there is a possible solution to maintaining deductibility involving loan agreements privately, but probably the term deposit as security is the easiest option.

it may be better in long run not to pay down investment debt while not yet having a main residence. you can acheive same interest savings with a 100% offset account and potentially save yourself thousands in tax down the track.

which state Dave?

of course it is legal to ask for payment.