Recent content by MacGyver

Thanks Joe D, I just called the insurance company to issue/send future renewals to PM, everything else was already organized ;). The only thing a bit difficult is to get the Land Tax bill to be sent to an email address or something like that, so how did you do it before, can you re-direct the...

Hi Terry, Thanks for all really useful comments, Could you please expand a bit more on point number 2, not sure why other people have to sell property to his partner or so to be able to claim the interest on PPOR once it becomes an IP?:confused: As mentioned I bought this PPOR with P+I...

Hi INVSTOR, I just organized a depreciation to be done, it cost me around $700 but could claim around $10K per year on depreciation (building+contents) on Tax return, which is really great over the 2 years! I am also looking to organize a Valuation, do you know any company in Perth to get...

Thanks Nek, those links were really useful, especially about the 6 years exemption on PPOR for CGT which I didn't know about.

Hi everyone, I was searching the forum but couldn't find a similar thread related to what I am planning to do. I bought my PPOR about 3 1/2 years ago with P+I Loan and an Offset A/C attached to it. I was recently offered a Job in South Africa for about ?2 years?, therefore moving...

Thanks Terry and everybody else...I will confirm with my tax advisor but now I have a starting point!

Terry, Is there a major difference between them (97 vs 93) or still allow to fully deduct this on first year? Thanks, Mac

Terry, TR 93/7, Example 1 (point 21) http://law.ato.gov.au/pdf/pbr/tr1993-007.pdf describes the same scenario to my case and it says: “The advantage sought in practical terms by making the penalty payment and repaying the first loan is the future interest savings obtainable from the...

Hi Terry, That section refers to expenditure incurred for "discharging a mortgage" and repayment of money.... but I didn't repay the borrowed money, I only changed the interest rate from 6.59% to 4.99%...and got charged with “breaking cost” for doing this… the original loan amount didn't...

Hi all, I recently refinanced my IP loan from 6.59% IO to 4.99% IO, but I had to pay about $6,000 on penalties (breaking cost), still was the best option for me since my monthly repayments are now cheaper and in the long run as well. The question is, how can I claim this $6,000 as Tax...

Hi all, Can I apply to ATO for a PayG Withholding Variation right now (doing a forecast estimate of the interest I would pay during this construction year)? or do I have to wait until Land settlement in August'13 to submit this application?

I guess in this case from "Land" settlement date?

Yes Aaron, the intention has been and will always been to rent it out... Thanks!!!

Hi all, I am buying a House & Land Package to build and Investment Property on it, the details as follow, to get a better idea: Land Contract Price: $343,000……...(a) Building Contract Price: $220,000….(b) Total Purchase Price (a+b): $563,000….. (c) Stam Duty: $10,500…(d) Misc Cost...

My PPOR fixed Loan#1 is solely secure against PPOR and IP#1 Loan#2 solely secure against IP#1. As PTBear mentioned I am accessing equity in my PPOR via a separate facility (I create equity everytime I put a cash deposit), then using that cash (as a loan) for deposits against the IPs so these...