Opinion Need

[knicks_1986]

Hi everyone,

My name is Mic and from Perth, just want to get some opinion from everyone on how to invest my money next 2years?

I bought my first property in Willetton in 2012 when I was 26. It is duplex, 465m2 lot, strata title, $460000. The market value of this house now should be around $520000-$550000 ( I guess), and the mortgage balance is $348000.
Originally,3 bedrooms + 1 bathroom, but I converted an open area to extra bedroom, 4 bedrooms now you can say.

Annual income $70000, have cash $20000.

What can I do next? Buy an old apartment as investment property ? Or wait & save more money?

Thanks

 

[alexlee]

create $1200 extra income per month(no tax).

How are you justifying not declaring this as income?

https://www.ato.gov.au/General/Property/Your-home/Renting-out-part-or-all-of-your-home/

 

[Hodge]

I was thinking the same. It's all good until there's a falling out and they decide to contact the ATO.

 

[knicks_1986]

O...no

My mistake, I though only investment property need to declare

 

[ellejay]

O...no

My mistake, I though only investment property need to declare

It kind of didn't sound like you didn't know about tax liability from the unedited version when you made a point of saying that you don't pay any tax whilst renting out to your friends. I do pay a lot of tax but obviously you're special.