Unless you marry your mate, or claim defacto status, I think you would be up for stamp duty.

You will have to look up the FHO act in the state of the property and work through it to find out. Also look at the definition of 'spouse'.

There is no GST on residential property rents.

Yeah, he will get charged with fraud and go to gaol probably, but his wife has just saved $13.5million dollars.

Isiah Thomas wrote:
Hey I just have a quick question guys. I have a mortgage on an investment property which I am negatively geared and am only paying off interest. I havent paid off any of the principal for about a year since I switched my loan to interest only. My question is should I start to slowly pay off the principal or or just stick with…[Read more]

You don't know what you don't know do you. But it could have been set up so much more effective. Imagine if you hadn't paid down your LOC, but instead used an IO loan with 100% offset from the beginning. $151,000 x 7% = aprox $10,000 pa. That means you have just lost a tax deduction of $10,000 pa for the next 30+ years. The bank shouldn't be…[Read more]

When the lender tries to call on the guarantee one option is for the guarantor to claim that they never signed the documents and their signature was forged.The Commonwealth Bank has failed to recover a $13.5 million loan after a court ruled former Billabong surfwear entrepreneur Matthew Perrin forged his ex-wife's signature on mortgage documents…[Read more]

Jamie M wrote:

Terryw wrote:
What do you mean no taxes on gifts? I have been paying tax on my christmas presents for years!

But Terry…..you also depreciated a dog once CheersJamie

Don't worry, that dog was a gift and the appropriate tax was paid first.

What do you mean no taxes on gifts? I have been paying tax on my christmas presents for years!

If you are renting then paying more money into an investment loan means you will have less cash available for private expenses. imagine if you had $100,000 cash and then used this to purchase an investment property, a year later you decide to go out and buy a house to live in. Net result is you have a $100,000 higher loan on your home and a lower…[Read more]

what is the value of the land in portions?I think you would work out the value of the land for the one you are going to sell and there would be your cost base together with the construction costs.Have a look at the pdf booklets at http://www.bantacs.com.au as there is a good book there on "how not to be a developer".

Ok, so you have a PPOR loan and an IP loan already?If that is the case you would be saving more tax in you paid the money into the loan and then reborrowed it, under a separate split, for investment purposes. You would b reducing non deductible debt and increasing tax deductions.You really shouldn't go to a bank yourself. It is like doing your own…[Read more]

yes, if you make a profit.

The money in your offset account is cash so if you use it up and then require cash later for personal expenses you may have to borrow it back and this may create adverse tax consequences. However this may save LMI.Do you have a home loan? if so then paying the money into the home loan and reborrowing may give greater tax advantages.If no home loan…[Read more]

You will still be able to claim depreciation on the works.

But, following the case of Steele v FCT the ATO has released a ruling stating that holding costs could be claimable against income if the intention is to construct a property for rent.

Shouldn’t

yes.

You’re a time waster.

You could use you equity to buy something and stay where you are. Moving may assist in your claiming slightly more back in tax in the short term however you have to weigh up the hassle of moving out.