A
Anonymous
Guest
From: Anonymous
hello all,
Can anyone tell me if the following would be legitimate?
I am currently paying off my PPOR. The title is in the name of myself AND my wife. The mortgage is also in both names. We would like to upgrade to a new and bigger PPOR in a few years.
Let's say we changed the title on our PPOR to be in my wife's name only. Then, in a few years when we want to buy a new PPOR, my wife "sells" our current home to me. I take out a loan to cover this, and we turn our current home into an investment property. That way the loan is tax deductible. However, the money I have "paid" to my wife to buy the property from her is actually used as a deposit for our new home.
Is this OK? Or would it be too obvious to the ATO that we changed the title on our current home just to "keep things in the family" and gain a tax advantage from money that in reality is being used as a deposit for our new PPOR.
I hope this makes sense?
Cheers
Anon
hello all,
Can anyone tell me if the following would be legitimate?
I am currently paying off my PPOR. The title is in the name of myself AND my wife. The mortgage is also in both names. We would like to upgrade to a new and bigger PPOR in a few years.
Let's say we changed the title on our PPOR to be in my wife's name only. Then, in a few years when we want to buy a new PPOR, my wife "sells" our current home to me. I take out a loan to cover this, and we turn our current home into an investment property. That way the loan is tax deductible. However, the money I have "paid" to my wife to buy the property from her is actually used as a deposit for our new home.
Is this OK? Or would it be too obvious to the ATO that we changed the title on our current home just to "keep things in the family" and gain a tax advantage from money that in reality is being used as a deposit for our new PPOR.
I hope this makes sense?
Cheers
Anon
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