The interest possibly won't be deductible. Especially if you have mixed it with other funds.You may have lost the connection between the borrowing and the investing.

If serviceability is a problem you may be able to bring someone else on board who can help. ie someone on a high income who can help you get over the line. They could take a share of the project for their input.

Maybe you could do it by getting the A to rescind the contract to B and enter a contract with C and B get a fee out of it. But A would be unlikely to want to give B anything. The Office of State Revenue would still want stamp duty from B if there was a simultaneous settlement with B and then onto C though – I am pretty sure. What state did you do it in?

Yes you can do that, but stamp duty will still be payable.

http://www.gatherumgoss.com

What you are doing is onselling the property. Whether you settle or not doesn't really come into it. You will pay stamp duty on your contract price and the person you sell it to will pay stamp duty on their contract price.A possible way to reduce stamp duty is to buy an option on the property and then onsell the option. It may save you money,…[Read more]

ryan mclean wrote:
Seems I have been beaten to the punch by Richard. If you buy it with the intention of onselling it for a higher price (by renovating and selling, or subdividing and selling) then you may incur GST. As far as I am aware it depends on your intention when you buy the property. If you buy it, then immediately create strata titles…[Read more]

i don't think it would apply to residential property, unless brand new.

There is no min period specified for a property to be a main residence.

dreamtobelieve wrote:
Just trying to gain some clarification regarding the eligability for CGT exemption.How long must you have lived in a property for it to be considered your PPOR and therefore make you exempt from paying any CGT?

The legislation does not specify a minimum time. Nor does the ATO tax ruling on this one.

dreamtobelieve…[Read more]

Usually the 1st mortgage holder will have priority because of their mortgage. If they enforce their mortgage then any left over money will be available for the next in line. An option holder should lodge a caveat asap to protect their interest and their priority – if they don't and someone else gets a court order, the other person may come in…[Read more]

CGT is exempt for main residences up to 5 acres only. So your property will be subject to CGT even if you live in it. It might be best put in a trust – but consider the land tax side of things too. This is complex as there are exemptions for primary producers etc.Usually when you die your property is left to a beneficiary in your will. There are…[Read more]

Couples only get 1 main residence between them. So if a husband and wife (or defacto) have one each, they can only claim the exemption on 1 at any 1 time.

Just remember negative geared properties will one day make a profit. So buying in your own name now may save some tax, but long term…..Trusts are separate entities for tax, so any losses cannot be used to offset your personal income.FHOG cannot be used for properties purchased in a trust.

I would recommend you have a read of the RTA see http://www.austlii.edu.au or google it – remember to look for the one from your state.Also look for the tenants union website of your state, this will contain a wealth of information on tenants rights/.

I think the wording of that special condition was a bit vague. Is it reasonable to be worry about such a problem?You may be able to terminate the contract on other grounds though. eg some of the required reports may have been missing etc. Better check with your solicitor

Are you asking if it is possible for the in-laws to borrow the 10% deposit to use when purchase a property.Generally personal loans are not available for this sort of thing.

Most lenders calculate interest on a daily basis. So putting your funds into the loan 1 day early will save you 1 day interest, and then you will be saving interest on interest etc. Compounding effect. Paying fortnightly means you are paying the equiv of 13 months per year, but you are also paying the funds into the loan sooner thereby saving you…[Read more]

I think you need to complain to the department of fair trading firstly. Then look to see if they are a member of any industry bodies – they may have something listed on their websites.I would love to know who it is – can't figure it out. Would you mind to PM me?

If you do it with the intention of selling then CGT won't apply and it will be income tax (ie no discount).Generally you can claim anything associated with building the property and holding costs, travel costs, accounting advice etc.Don't forget to factor in GST in your calculations too – you will need to charge the buyer 10% GST>