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From: Goran Arsovski
Can someone please advise me on the following scenario:
My parents are in the process of building a new home for themselves valued at 320k. The loan amount is at 200k I&P. After completion my wife and I intend to live with them and pay rent to them depending on the rooms we occupy and the facilities we share.Is it possible that my parents can negatively gear percentage of the property we occupy on this basis.
Also the title of the land is owned by (50%) my parents and (50%) my self and my wife.
Does this just mean that they wont be able to claim council rates even though we will be paying the rent each month. Irrespective of land ownership only my parents name will appear on the contract for building the home and on the occupancy certificate once the house is completed.
So the home will be solely owned by my parents.The scenario doesn't end their the bank has used our share in the land to secure their loan for 200k to build the new home so we are guarantors to their loan but they are paying it off.
I know the scenario is somewhat difficult to understand but can someone please tell what to expect before we see an accountant or a resolution to the matter so my parents can benefit to negative gear this property to maximise his benefit with all of us living on the same property.
thanks heaps if you can manage to comprehend this scene.
Can someone please advise me on the following scenario:
My parents are in the process of building a new home for themselves valued at 320k. The loan amount is at 200k I&P. After completion my wife and I intend to live with them and pay rent to them depending on the rooms we occupy and the facilities we share.Is it possible that my parents can negatively gear percentage of the property we occupy on this basis.
Also the title of the land is owned by (50%) my parents and (50%) my self and my wife.
Does this just mean that they wont be able to claim council rates even though we will be paying the rent each month. Irrespective of land ownership only my parents name will appear on the contract for building the home and on the occupancy certificate once the house is completed.
So the home will be solely owned by my parents.The scenario doesn't end their the bank has used our share in the land to secure their loan for 200k to build the new home so we are guarantors to their loan but they are paying it off.
I know the scenario is somewhat difficult to understand but can someone please tell what to expect before we see an accountant or a resolution to the matter so my parents can benefit to negative gear this property to maximise his benefit with all of us living on the same property.
thanks heaps if you can manage to comprehend this scene.
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