damo001 wrote:
Another finance question, If you are looking for IP's can you claim flights, car hire, etc. If you haven't put a contract or pruchased a property. Can it still be a tax deduction?

No, you generally cannot claim these. They maybe claimable on the sale. But if you are in the business of property investment, you may be able to…[Read more]

If your income is too low, then they won't lend. Maybe you could use a No Doc loan where income is not needed.

You could do that, but remember discretionary trusts cannot distribute losses. So if there was a loss you could not offset it against your personal income. When your property becomes positively geared, then you will have a profit which you may have to pay tax on – which you otherwise may not have had to. Then there is land tax, and CGT when you…[Read more]

You could do that, but remember discretionary trusts cannot distribute losses. So if there was a loss you could not offset it against your personal income. When your property becomes positively geared, then you will have a profit which you may have to pay tax on – which you otherwise may not have had to. Then there is land tax, and CGT when you…[Read more]

You could do that, but remember discretionary trusts cannot distribute losses. So if there was a loss you could not offset it against your personal income. When your property becomes positively geared, then you will have a profit which you may have to pay tax on – which you otherwise may not have had to. Then there is land tax, and CGT when you…[Read more]

gocoastal wrote:
Hi,I have asked this question a while back, however i have had some mixed feedback.Now …..the sale of my PPOR which i have lived in for approx 8-9 months,would there be capital gains tax applicable?.I am moving into another property which was an investment property but now will be my PPOR.? Any help much appreciated..thx

It…[Read more]

Roughly 4-5% of the purchase price.

Probably not, unless they have a presence here.

You would need to approach banks in the country in which the property is located. Aussie banks here cannot help. Most would require you to be working in the country too.

I used to use Quicken, but it was too much hassle. I ended up just sticking to excel. Create a sheet per property and have it linked to a summary sheet at the beginning. That is what I use for myself now. Doesn't look fancy with graphs etc (but you could build these in) but it does the trick

McNorman wrote:
Bloody hell, yeh i did buy another PPOR after that. So I spose that buggers up that ideaThanks for the help anyways

Not necessarily. You can only claim one as your main residence at any one time, but you can chose which one (with the least gain).

HiSounds like a good plan as long as the trustee company is not trading – it should be solely acting as a trustee.Usually the beneficiary company is not need to be set up until you need to distribute to it – not until your marginal tax rate is more than 30%.

Not really. Many banks still assess you on the PI repayments – at a higher rate usually. But you can take into account potential rent for the new property which can make a big difference – and some banks allow you to take into account depreciation and interest deductions.

Nice tax haven. Set up some trusts and companies while there. There are plenty of jobs for lawyers being advertised there too.

I would not rely on your accountant or you could be paying a lot more tax than you should. Go to the ATO site and get those booklets v8ghia mentioned, then look up the Tax Rulings mentioned in the relevant section. Shouldn't take too long to find and you will be educating yourself on the way.

If you were intending to do that to avoid tax, it may still not be CGT if you live in it. If you were to move in with the intention to live there, and then find out it is not suitable, then that is different. There is no minimum time frame in the legislation. You just have to prove that it was your main residence. Your accountant should be able to help.

Hi PatYou have set it up similar to the way in which I would do it for myself.I would have IO variable loan on my home loan with a 100% offset account attached. All wages and rents and spare cash should go into this. Use credit cards with points to pay for everything and this will keep your money in your account longer, saving more interest.Then,…[Read more]

You will have to pay stamp duty if you on sell. One possible way around it is to use an option and then just onsel the option. I think you will have to pay stamp duty on the option, but it should be only a much smaller amount.

I am not so sure you will be safe.You are essentially borrowing money to invest into a bank account. If you move the money from the bank account if will no longer be borrowings and so the connection may be lost.If you do wish to do this, see the advice of your accountant (in writing). Do not put any other money in the offset account or you will be…[Read more]

have a look at http://www.bantacs.com.au they have a lot of booklets there and think this was covered in one of them.I would think you will pay CGT on one house. This is because only the one you are living in will be your main residence. If you strata them then one is a separate title and you can only claim main residence on one title. If you do not…[Read more]