hi i have a quick inquiry currently building a 2 bed granny flat on the back of my main residence have a mortgage on existing house of 150k with a value of 380k. i have a family member that will move into it on completion paying me 300 per week. the total mortage on the granny flat is 80k just wondering the best way to do it for tax. i can quiet easily do it cash or am i better declaring it or a partial amount to negative gear it.. also im in a position to buy another one within 6 months so my second question is: am i better off to move out of current house and move into the new one which i will purchase which will also be on the central coast umina beach area. any help would be much appreciated thanks
adam
Hi Adam
The mortgaging methodology will be very important. I'll ping Richard Taylor and ask him to respond to you.
Jacqui Middleton | Middleton Buyers Advocates
http://www.middletonbuyersadvocates.com.au
Email Me | Phone MeVIC Buyers' Agents for investors, home buyers & SMSFs.
You'll need to talk to an accountant about the taxation issues.
From a financing point of view, you'll need to use a lender that's happy to fund a couple of dwellings on the one title at the LVR you require. If your current bank doesn't allow it – you may need to refi to another.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
As to issues regarding tax, you’ll need to consult with an accountant on that.
As to issues regarding tax, you’ll need to consult with an accountant on that.
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