Smarter to rent in many cases. You can still claim your sydney home as the main residence for 6 years and get deductions on everything, and not living in your gold coast home means you can claim everything on that too.

But all this will depend on loan sizes and incomes etc.

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You could try and locate Lewis O’brien in Melbourne. He is the wrap expert down there. Sorry don’t know anyone in Canberra. Tony Cordato in Sydney may also be able to help, http://www.businesslawyer.com.au

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You will have to ask the bank. Generally loans must be in the same names as the title of the property, but with spouses there can be exceptions. Not sure of ANZ’s take on this tho, probably would have to be in both names. Either way you partner would have to give income details etc as if they were not on the loan, he or she would have to guarrantee it.

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I did this a few times last year when I was in Thailand. Its amazing isn’t it – free international calls.

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I have just started doing my own tax again after many years. It is a great way to learn taxation issues.

Nats, if you are a bit worried, why don’t you do everything yourself as if you were going to lodge it, and then give it to your accountant. See how you go, if the accountant doesn’t pick up anything you have missed, consider going on your own next year. Thats what I did for a few years.

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What state are you in?

I was suggest you just go to a solicitor that specialises in this area for teh paper work etc.

I suppose in the meantime, you just have to consider the structure and figures. ie are you going to lend them the deposit, so the title changes into their name? Or are you going to let them pay it off in installments? etc

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It should be possible to do, within limits. And as Simon says, the ATO Commissioner has the power under part IVA to disallow a deduction if it was entered into with the dominant purpose of saving tax.

So, just refine your strategy a bit. Maybe charge a rent similar to market rent – get a rental income appraisal from an agent, tell them you don’t want it too high.

Maybe also don’t rent each others homes directly. Have another family member on the lease, to create some distance.

And, you may still be able to get the CT exemption if you live in the house briefly first, and then rent it. You can do this for up to 6 years and claim the rent and face no CGT if you do not claim another house as your main residence during the same period.

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Funny you say that, my accountant used to sit on mine for at least 3 months every year after I posted it to him. I now do it all myself.

I have remembered there is a good accountant in Canberra called, Tony Commiso (or similar). Will ask a client of mine for his details, as I have probably spelt his name wrong.

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Rick is very good at wrapping and lease optioning. His materials are good, with loads of information.

You could be successful if you are prepared to put in the effort, but I think most people who buy these sorts of courses never actually get to implement the material – for various reasons.

Having the contracts may help, but if you just went to a solicitor who knew what they were doing, then they would have their own contracts anyway.

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I think you have problems in NSW if you are not careful.

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