offset

  1. V

    Deductibility of deposit interest from offset

    Hi All, I'm a long time lurker first time poster and am going through my first purchase of an investment property in Brisbane. I have some funds in my PPOR offset which I have already used to pay a deposit on an IP ($53k). I am in the process of splitting my PPOR loan ($280k initially into...
  2. sashatheman

    Interest Tax Deductible - Scenario

    Hi Somersoft Forums Can you please help me understand if the following scenario allows the interest to be claimed on the loan. We had a PPoR that was split into two loans as follows. PPoR loan 1: ($82k) PPoR loan 2: ($200k) PPoR loan 1 had a redraw account, that we were unknowingly...
  3. E

    Term Deposit vs. IP offset

    Hiya, I'm calculating whether I should pit the money in deposit or IP offset. The number a bit rounded, but I need keen eyes to see whether the process is correct... Term Deposit Balance $51,500 Term deposit rate 5.9% running until 2016 - I have the choice to keep it or release it...
  4. T

    Using equity in IP, put into PPOR offset

    Hi all, Current situation: Property 1 - Is an OTP and will be our PPOR when completed by March - Will be opting to get an IO loan with offset attached. - Will rent out this property in 7-10, years time when we eventually move to a bigger home as our family expands - The loan on property 1 will...
  5. sashatheman

    Can bank a/c fees e.g MISA be partly tax deductible?

    Hi quick question. If you have a bank package like we do 'Mortgage Interest Saver Account' (MISA) that gives you an offset account, credit cards etc, and you get charged a yearly fee I think mine is $350. Can any of that fee be tax deductible because we use the offset account that is part of...
  6. S

    Money from Tax Returns - where should it go?

    Hi, SITUATION: I am acquiring an Investment Property (settlement due in May2012). I have taken a Fixed Rate I/O loan (@ 95% LVR) that allows advance payment of annual interest. This does not allow any extra repayment of more than 10K/year. Meaning, I cannot put my rental income (26K/year) in...
  7. S

    Tax deductions - Interest in Advance

    Hi, I am in the process of setting up a Fix rate Interest only home loan that allows advance payment of annual interest. While I am aware of the benefits, I am not sure about how (and what accounts) to receive the rental income so that it does not become idle money for the year (not...
  8. H

    When to use offset and redraw?

    Hi All Long time follower of ss but first time poster :) I have read a number of posts in relation to this topic already and am somewhat :confused: so apologies in advance... My simplified understanding is as below…I would be grateful if someone can please shed light in respect to tax...
  9. M

    New IP (Tax Questions)

    HI All I'm new to the game and rented out our PPOR as an IP to move interstate. As tax time is looming I am a little confused on 3 things. 1. Would i pay CGT on this house if selling to by another PPOR? 2. Is a depreciation review good to do? House is 3.5 years old. Rented since March...
  10. E

    Why Savings accounts if you can Offset?

    Hi all, I've recently signed the contract for my very first property. I'm now organising PM's, insurances, etc, etc. I've also set up a Mortgage Interest Saver Account (MISA, what they call it), which is basically an offset account linked to my home loan account. My question is, given...
  11. T

    IP offset account tax implications

    Hi folks, long time reader first time poster. I've just returned from a visit to my accountant ... and he's totally freaked me out. This is why: I have an investment property with an interest-only investment loan @ 80% LVR. There is an offset account attached to the IP loan. Am I able to put...
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