DavidMc
12-04-2005, 01:02 PM
Hello everyone,
I’m just about to purchase my first villa/unit and was wondering what to do about insurance and its tax considerations for my situation.
On my other houses I have a ‘building + contents + tenant’ combo insurance which is great and meets my needs just fine.
With my new unit, the body corporate is already covering the building and the tenant is my Mum (so I think I’ll trust her… maybe ;-) ) so all I really need is contents insurance.
In Victoria the minimum you must insure for is $30k and would cost around the $250 mark per annum. As my Mum is tenanting the property, does anyone know if it’s possible for us to both share a contents policy (i.e. cover her stuff and my stuff together) without running into any tax issues?
I’m just about to purchase my first villa/unit and was wondering what to do about insurance and its tax considerations for my situation.
On my other houses I have a ‘building + contents + tenant’ combo insurance which is great and meets my needs just fine.
With my new unit, the body corporate is already covering the building and the tenant is my Mum (so I think I’ll trust her… maybe ;-) ) so all I really need is contents insurance.
In Victoria the minimum you must insure for is $30k and would cost around the $250 mark per annum. As my Mum is tenanting the property, does anyone know if it’s possible for us to both share a contents policy (i.e. cover her stuff and my stuff together) without running into any tax issues?