You would have to look at the tax act. I am in Bangkok at the moment……….

A trust investing in property is generally the same as a person investing.

You could sell it CGT free by using the main residence exemption – up to 6 years. But your spouse could not claim her property as her main residence at the same time – if you were a spouse then.I am at an airport now and not sure about the CGT – but I think it may be wise to have a valuation as of the date the property became an investment. jus in case.

vgpacer1970 wrote:
Will an accountant be able to provide a registered evaluation from April 2008 in that town? I need a little guidance as to obtain this please.

Not unless that accountant is a licenced valuer!

yotoshi wrote:
Hi all, I have a situation where I'm not too sure who is right.I currenty have an IP which I bought for $200K in 2000 and is currently valued @ $350K.Now I would like to use the equity in my IP to purchase my second IP but I was told by 2 banks that if I do use the equity I will be charged CGT on that particular property and that…[Read more]

Hi NightelvesYes you would need someone to set it up and advise you. But it is a bit of a difficult question to answer – "do I need a trust?" Everyone needs a trust, ideally, and no investment should be purchased outside of a trust.But it is going to cost you, especially in the early stages, and you have to work out if you are willing to wear…[Read more]

difficulties later on when trying to get increases, lack of offset accounts, high exit fees and all loans mortgage insured.

but it is unlikely the bank will give it to you.

stick to a major bank. NAB should be ok, I think they could probably cap the LMI at 90%, but not sure.

A real estate appraisal is not a valuation and would not be acceptable too.

When the auditor asks for a copy what will you do??

let me know how it goes and good luck

I would suggest you use bantacs.com.au for this. They have branches all over the place.

ummester wrote:

dtrump wrote:
If you are buying the property as a long term IP but in the short term (6 months) as a PPOR in order to get the FHOG, can you still use the proposed rental income as part of your loan application to incease your sevicabiltiy?

That's an interesting question. I wonder, if a loan was allowed under that pretext and t…[Read more]

dtrump wrote:
If you are buying the property as a long term IP but in the short term (6 months) as a PPOR in order to get the FHOG, can you still use the proposed rental income as part of your loan application to incease your sevicabiltiy?

Possibly.

hegate wrote:
if you didnt have a PPOR and were renting and had 2 IPs could you do this type of thing, ie. put all rental income into one offset account against a negitive geared property, to reduce the depb quickly to make it positive?

Yep.You have got to put your cash somewhere so you may as well be saving money by using an offset on the…[Read more]

The purpose of the loan is to buy the house. When the house is being lived in this interest is a private expense, when being rented it is a investment expense.

Yes, definitely, you should look into setting up a LOC and borrowing to pay any short fall on the investment property, or even the whole cost of the investment property. There is no sense in you using you own cash as that will mean it will take you longer to pay off your own home.You will need careful advice to set this up and should see a tax…[Read more]

Have you got a copy of the valuation?

Are there any specific pieces of paperwork you have to keep to prove that you were living in the property before a certain date, and then not living in the property after that date?Nothing specific – the ATO/OSR may audit you and ask you to prove you lived there. It is up to you to show proof such as connections of electricity/phone/internet,…[Read more]