All Topics / Finance / Interest Only Loans

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  • Profile photo of Mortgage HunterMortgage Hunter
    Participant
    @mortgage-hunter
    Join Date: 2003
    Post Count: 3,781
    Originally posted by dacium:

    There are some exceptions, like you said with livining in a rental.

    But I would check with your tax man to make sure you are doing it correctly. The reason for this is because if you don’t pay GCT you are liable to pay back all tax you have deducted over the years as a ‘loss’ on an investment house that didn’t end up being classed as an investment, and you will have to pay the money back with interest.

    Daicum,

    You made some valid posts and certainly wrote some long ones.

    But this last one is just plain wrong and shows up your lack of depth of knowledge.

    All the rest is just opinions …

    Simon Macks
    Residential and Commercial Finance Broker
    [email protected]
    0425 228 985

    Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213
    Originally posted by dacium:

    The reason for this is because if you don’t pay GCT you are liable to pay back all tax you have deducted over the years as a ‘loss’ on an investment house that didn’t end up being classed as an investment, and you will have to pay the money back with interest.

    I disagree with this.

    Maybe you are confusing adding back depreciation claimed over the years when calculating CGT?

    Terryw
    Discover Home Loans
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    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of Opportunity In EverythingOpportunity In Everything
    Member
    @opportunity-in-everything
    Join Date: 2006
    Post Count: 122

    All very well and good isn’t it. The issue is surley more about serviceability. That is for members of the forum who generally would be in the growing phase of their portfolios?

    If I purchased a property for $175,000 and sold it a year latter for $245,000 i’d be doing pretty well yeah. Especially if i’d only been able to buy that property through utilising IO loans.

    Opportunity in everythinng

Viewing 3 posts - 21 through 23 (of 23 total)

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