I don’t pay any income tax. I am married with 5 children all of school age and receive about $30,000 total per year as a family from Centrelink. I own one block outright and have nearly completed building my first home on this block. (Currently we live in rented accommodation). I am paying cash for this construction. In addition, I have borrowed $475,000 on the security of this first home to purchase a block and build another home nearby. Construction on this second home is due to start anytime. I have a low doc interest only loan and have set aside sufficient funds to pay the interest during the construction period.
My plan was then to sell the first home when the second was completed and move in. I had a thought to build one new home every 12 months and keep moving. I filed a tax return each year for the past 3 years but did not have to pay any tax (all my funds are in unrestricted non-preserved superannuation) I am not sure what the best planning is. All the books I read either about positive or negative gearing base tax allowances as part of their calculations. I am 59 years old. My wife does not work. I have no income other than Centrelink. I work as a volunteer.
Any suggestions?
Thanks
Malcolm
Perth
My plan was then to sell the first home when the second was completed and move in. I had a thought to build one new home every 12 months and keep moving. I filed a tax return each year for the past 3 years but did not have to pay any tax (all my funds are in unrestricted non-preserved superannuation) I am not sure what the best planning is. All the books I read either about positive or negative gearing base tax allowances as part of their calculations. I am 59 years old. My wife does not work. I have no income other than Centrelink. I work as a volunteer.
Any suggestions?
Thanks
Malcolm
Perth
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