if the amount in the offset exceeds the loan you will not, usually, be getting paid interest, so it would be better to put the excess funds somewhere else to get a return on them

You should always try to get that sort of thing in writing.Was it you that asked in another post about getting access to the phone recordings? Maybe you should lodge a complaint with the bank ombudsman or the credit ombudsman.The CRAA issue is not that bad as you will not have a declined listed, but just an enquiry. It will be there for 5 years,…[Read more]

I beleive that unless you are in the business of property investing, then you cannot claim the KMs against income, but they may be able to be claimed against any CG if you buy a property and later sell it – but probably only the Ks attributable to this property

do a search at asic.gov.au to see if it is registered.

do a search at asic.gov.au to see if it is registered.

Dr houseIf you have paid off your home loan i assume you are using the LOC to access equity for investing. Are you aware of the tax consequences of paying or depositing into the account?

Most will vary each month depending on how much is in the offset account. You are being charged only interest and this will reduce with money in the offset. One exception is st g which, in one of their accounts, takes the savings off the principle.

Really it is legal advice, but accountants can advise on legal issues in relation to taxation. If you get written advice then you should be safe.It might be cheaper if you just lodge a request for a private ruling – or just do it yourself.

Is this company or business australian? If so you could approach the dept of fair trading in your state with a complaint. You can't dispute the payments with visa, as it really has nothing to do with them You signed up with a business and they are only processing the payments. any dispute you have is with the business.There may be other legal…[Read more]

gcp, i am not sure. You would probably be ok, but the ATO has powers under part IVA of the tax act (ITAA 1936, s77 onwards) to disallow deductions if it was a scheme to avoid tax. So you should legal advice before doing this.see s177D for…[Read more]

DanvivYes it is possible for one trust to distribute to the other trust, subject to the deed. Who the Trustee is shouldn't matter.

I think you should be pretty safe from the ATO as long as you are not transferring names for tax reasons. good to get a rulingNo stamp duty exemptions in NSW for this sort of transfer either.It may work out cheaper and less hassle to just sell the property and buy another. You need to weigh up the tax savings v the costs of selling and buying.

Another potential option is to sell to a discretionary trust – but there are many disadvantages to this too.A 3rd option is to speak to a tax advisor about setting up a LOC and borrowing to pay interest on the old PPOR – this is ineffect capitalising the interest on the loan and will free up more cash to pay down your new PPOR faster.Which state…[Read more]

Legislation doesn't specify how long see s 118-145 ITAA 1936.

I don't really no anything about it, but there was another thread here recently which described it as non-transactional and minimum balance requirements.

Any of the other major banks, ANZ,  Westpact and NAB have good accounts.

i would use an IO loan, especially if it will possibly become an investment. I hear that the CBA offset account ain't too hot.

Maybe an example will help.eg You buy a house for $100,000 borrowing $100,000. You have an interest only loan. Later you move out and start renting it. The interest on the $100,000 is fully deductible as this $100,000 borrowed was used to purchase the house which is now income producing.But, say you used a $100,000 LOC to buy the house. You then…[Read more]

forget about it altogether is my advice.You can achieve the same interest savings with the 100% offset account – in fact you will get more savings as the rate will be lower.You should put the rent into the offset account as this will save you additional interest. Use of the credit card will also save you interest as your mum will be in your…[Read more]

Hi WoodieI don't like using LOCs like you have described. I believe they should only be used for accessing equity for investments. Using a IO or PI loan with a 100% offset will have you the same interest and work out better.LOCs are particularly dangerous for tax reasons. They are a loan, so evey deposit is a repayment and every withdrawal is new…[Read more]