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Very hard to do.

Are you proposing to get sub-division done during your option period? or selling houses off the plan? How are you proposing to finance this?

Yes, it wastes a lot of time going back to check the thread several times for no reason,

But what if the $13k was used to pay down personal debt and then reborrowed…

Havinfun wrote:
Terry,

Agreed on the income for the wife, as the major breadwinner are we not better off having the interest deductions in my name, thus reducing my taxable income?

Keeping the emotion out of investing the managed funds have not performed that well over the last 5 years, so I am dollar cost averaging additonal funds into the…[Read more]

Have you considered the Centrelink issues?

There could be 2 main ones
1. Selling could mean they have more cash then the threshold allowed which may mean a reduce or no pension.
and
2. Selling undervalue or gifting money would affect them for 5 years. Centrelink would deem them to still have these funds and be earning x% pa on them and this could…[Read more]

Havinfun wrote:
Terry,

My wife has no income, I am currently looking at swapping the funds into my name only.

Regards

If the
 wife has not income then she could potentially earn up to $20,400 pa and not pay tax. Why not invest in the managed funds in her name? Franking credits from direct shares would also be very beneficial if she owned the…[Read more]

Wife doesn't work and the managed funds are in your name? Does wife have an income?

I cannot advise on defrauding the tax office.

One way they can easliy find out is through an audit. Ask you to produce bank statements.

Christos76 wrote:

Thanks for your advice.

Terryw wrote:

Christos76 wrote:
… and transferring all my redraw into the offset to make sure I take full advantage. My plan is then to use my offset to put towards paying off a PPOR loan which I will take out when I find a place I want to live in and then purchase.
…

Don't do that!. You…[Read more]

cham_chuan wrote:
Hi, guys I read all the questions and answer And I have a maybe silly question For tax purpose Can Adam refinance his current PPOR and make the loan look bigger 315k*80%=252k or even more… Then Adam will have cash in hand to buy his new PPOR And from that time Adam starting to use his old PPOR as new IP So the 2 loans are…[Read more]

Derek wrote:

Terryw wrote:

Derek wrote:

I recommend getting in touch with Terry (he is an accountant and broker) so you'll get two highly valued services in the one package which means your broker will be on the same page as your accountant.

Well, I hope so anyway

Thanks Derek, but I am many things but am not an accountant.

Not an…[Read more]

Must have been my first thread since the new badgville board came online.

Derek wrote:

I recommend getting in touch with Terry (he is an accountant and broker) so you'll get two highly valued services in the one package which means your broker will be on the same page as your accountant.

Well, I hope so anyway

Thanks Derek, but I am many things but am not an accountant.

I don't know what that means? I have been posting here 10 years +. These badges are a bit of a wank if you ask me.

Christos76 wrote:

This got me thinking about taking it a step further and re-mortgaging my investment loan to borrow as much as possible against this IP and keeping the extra funds released from the equity in the offset and then pulling all that out towards the purchase of a PPOR. My follow up question is can I do this since I will be using the…[Read more]

Christos76 wrote:
… and transferring all my redraw into the offset to make sure I take full advantage. My plan is then to use my offset to put towards paying off a PPOR loan which I will take out when I find a place I want to live in and then purchase.
…

Don't do that!. You would have containinated your loan. = disaster.

I would prefer the use of the offset account rather than paying down the loan.

cham_chuan wrote:
Thanks, Terry
How much LOC would I be able to take out generally speaking?
if i plan to apply for 100K, would i be be paying LMI even I don't use it?
you are saying by getting LOC on my PPOR ,and leave the IP loan stand alone… 
am i right by :
when I spot a property, I use my LOC to put down the deposit 
use the pre-approved…[Read more]

Things can change. So you may decide not to move into your Brisbane house again and buy somewhere else to live in. If you had paid it off this will cost you a fortune in extra tax. Why not consider a IO loan with a 100% offset? This will allow you to save the same interest but keep a large loan just in case. In 4 years you could have $440,000 in…[Read more]