Recent content by Intellikev

Hi guys, I believe Kenster was trying to determine whether the LOC was arranged for personal use or investment purposes. Although I am not an accountant I believe if the LOC was for personal use then the interest claimed on the investment debt would be reduced over time as any amount credited to...

With most of my dealings with Accountants and their interaction with the ATO most of the issues relate to intent. What was your intention when you purchased the land? Was it to on sell at a later date, was it to build a house and rent it out? No, your intention was to build your home! You and...

Hi Gordon, yes that is true. However, super is a separate issue given the Government offers incentives for the individual to plan for their retirement. With relation to other salary sacrifice items generally, they relate to computers, briefcases, calculators items for which the employee can...

Loan Interest From Pre-tax Dollars This is a simple form of salary sacrifice. Rule of thumb is that anything you can personally claim as a tax deduction you can salary sacrifice. If you use pre-tax dollars you cannot then claim the interest as a tax deduction at the end of the financial year...

Hi j_p, you are selling your interest to your ex. You are not selling to a third party. Your original intentions were to build a PPOR and your ex's intentions are still to do this. There was no investment purpose in your original decision. Speak with an accountant however I do not think you...

Apportioning Cashflow + Hi, the questions I have are: (1) Is this the only investment property you plan to purchase? (2) Do you have a PPOR and is there a debt on this property? (3) The reason the IP is now cash flow positive based on the information provided is that conjointly you have...

Hi JT, assuming the property has been a PPOR there will be no tax on the inheritance. If the child then sells the property straight away tax is NIL. No CGT is applicable. If the child were to live in the property before selling it no CGT would be applicable. If the child rented it it...

Deductions on Repairs after tennants move Out. From a Tax perspective I believe the property is PPOR therefore none of what you are doing is claimable on your Tax. Did you or your Estate Agent do an exit report when your tennants moved out? If one was completed and these issues were noted...

From the information supplied, noteably you worked for a bank I would assume these shares to be Exempt shares. That is the value of the shares at the time they were granted to you was less trhan $1,000. Under ATO rules they would have been held under a staff scheme until either you left the...

A simple way to answer this question: Purchased in 1998 for: $120,000 Costs Associated with Purchase $ 10,000 Lived in for 5 years to 2003. Value at that time $200,000 Value now...

Some Creative Ideas We probably need more information. Is the mother in law on the aged pension or self funded? How old is she? Would you need to sell her property at this time? Do the sums, would the rent you may receive from her property adequately service the build of the granny...

Positive Experience with Trusts The real benefit of a trust is as discussed by Buddybee is they do or can offer asset protection. If you and your partner are PAYG then it really isn't worth it. By placing the property into the trust the owner of the property is the Trust not you and your...

Tennants Signing Lease Prior to Settlement I would suggest you talk with a Solicitor to ensure all is above board however I would probably place a clause in the lease stating something along the lines of after settlement on such and such a date and once you are in vacant possession of the...

Payn off HEC's HEC's is indexed annually by CPI. If the CPI this year is 3% then your debt would be increased by a further $180. Taking your debt to $6,180. Disregarding further increases if you pay $45 per week then you are repaying approximately $2,340 per annum or if you pay $80 per week you...

Qld. R/E Agent - Personal Interest From talking to someone in R/E disclosure need only be made if the Agent is acting on behalf of a vendor and the Agent also has an interest in purchasing the said property. The disclosure is only made once an offer has been made. From the vendor's position...