Hang on

it subsection says:

"(a) after the transfer, the residential land will be owned by the parties as joint tenants or tenants in common in equal shares; and "

You will not qualify as you want  the property to be owned by your wife only.

OSR staff can't provide legal advice, but have a look on their website and see if you can see any rukings about this. Also do a google search on the section of the act in question. Then look at the Acts Interpretation Act (QLD) and see if you can get any tips there. You may have to look at the intent of the drafters of the legilsation – they probably had in mind a single person adding their new spouse to the title. But, you may qualify if you just stay in the house a bit longer as it is still your main residence.

$1500 fee is way too much to pay. I would bite the bullet and get out of that lender now. Otherwise you will face the same problem every time you need more money.

For these sorts of questions it is best just to look straight at the legilsation:

http://www.austlii.edu.au/au/legis/qld/consol_act/da200193/s151.html

DUTIES ACT 2001 – SECT 151

151 Exemption–particular residences

Transfer duty is not imposed on a dutiable transaction that is the transfer, or agreement for the transfer, by way of gift, from 1 party to a subsisting marriage or de facto relationship to the other party to the marriage or de facto relationship, of an interest in residential land if–

(a) after the transfer, the residential land will be owned by the parties as joint tenants or tenants in common in equal shares; and

(b) the residence will be the principal residence of the parties.

Its hard to read and understand long sentences like that isn't it.

My interpretation is this:

Lessor can serve notice of increase prior to expiration of the lease.
The notice for this increase is the later of
                 – 1 month after the notice date / or
                 – last day of the lease.

So they cannot increase the rent during the lease. If they want to increase the rent after the lease, they must give at least 1 months notice.

I think the person damaging the property would be responsible. Your insurance cover may pay up and then pursue him (or her).

Hi Karen

And, did you know you may be able to amend previous years tax returns to include the depreciation that you missed?

I think you need to see a broker. Banks will run a mile if you tell them you are going to quit your job and change careers. Borrowing money to live on will make it worse – in their eyes.

Some things to consider:
You could possibly just move the land to another bank to access the equity. However, it is generally difficult to pull money out now without specific plans in place. ie they want to know what the money will be used for.

Setting your self up as a employee under your own company will also be considered self employment and they will want 2 years financials before they will start lending based on this income.

Hi

Yes, all interest is tax deductible – but the income from rent is taxable too.

So lets see

Income is $29,510
less expenses of:
Interest $16,250

= a profit of $29,510 – $16,250 = $13,260 (income less expenses)

This is the combined profit, so you should divide by 2 if you own the place 50/50.
You will each have a income from property of $6,630.

This is added to other income. If you have no other income you will not pay tax, but since Troy has other income he will be paying extra tax on this. maybe around $2,000 in extra tax.

But wait, there's more.

You haven't included any insurance, rates, repairs, management fees, travel, depreciation etc.

All this will be included in the costs and will reduce your profit. The less profit the less tax. If the profit is negative then you will be negative gearing and Troy can save some tax – but you won't as you don't pay any. But it is unlikely your expenses will be large enough to offset the profit in full, so you may have to pay a bit more.

Incidently, if you had used a discretionary trust you could have reduced the tax to probably nil. The trust could have distributed all the profit to you.