Owners Corporation Act in VIC http://classic.austlii.edu.au/au/legis/vic/consol_act/oca2006260/

Not correct.
But is correct if you choose to use the main residence exemption on the new one.

Not correct.
But if correct if you choose to use the main residence exemption on the new one.

Not enough info, but possibly not as you have been absent for less than 6 years.

Deductibility depends on the use to which borrowed funds are put, not what you tell the bank.

Not deductible

Hi Flynn

I am a tax lawyer and as far as I know there has never been such a law.
It may be possible for certain small businesses to defer capital gains on the sale of a business but not for property investors.

Interesting you are after 8 years experience! why not 10?

Yep too late. You could have delayed settlement until they were working again.

You could try to sue the agent, but what evidence do you have?

Do you lend on Australian property?

Isn’t this the same thing?

Generally a loan for a main residence purchase will have a lower interest rate for a loan for an investment property purchase. So one strategy is to borrow against the main residence, debt recycling along the way and using these funds for the investment. this way you will get at least part of the investment loan at…[Read more]

You would need a lawyer for the asset protection and structuring advice but for tax try Paul at Price Financial in Sydney

It depends. It can be a good investment I think as often good cashflow and prices can be cheap. But without capital gains you could be tying up valuable borrowing capacity too.

Saving money is good, but it doesn’t increase borrowing capacity in itself.

Strangely though, paying down existing loans does increase borrowing capacity slightly because you will have a longer term on the new loan.

e.g. You have a 30 year loan with $25,000 years to go, you inherit $20,000. If you use it to pay a deposit, you might be able to…[Read more]

There is more to considering ownership structure than income tax. keep in mind all the legal considerations too such as estate planning, asset protection, land tax, stamp duty, control, ability to mortgage and ability to borrow, also social security act is something to consider.

options may be to earn more money, or reduce your debt or a combination – if you have exhausted all avenues.

Interest would only be deductible if you borrowed to acquire a property. If you pay cash you would have acquired it already. If you borrow against the property after settlement what you use the money for would determine deductibility.
See s 8-1 ITAA97

I don’t see it as unfair. Imagine that interest was deductible based on security for the loan. I…[Read more]

How do you pay for it if you cannot get a loan?
If you pay cash and then get a loan the interest could not be deductible.

Not doing this maybe a better plan!
What could happen if one of you dies, goes bankrupt, family law separation, capacity, have a falling out, wants to sell etc?
If on separate titles it might be worth considering, but on one title there would be many issues to consider.

Also, are you properties paid off now? If not could you qualify for finance…[Read more]

Mortgagees have fiduciary duties to get the best possible price and so do executors. They are also more difficult to negotiate with so I think this will be a hard way to find an undermarket value property.