Situation as follows -
Wife not working + substantial CG losses carried over.
Husband working - high income and no CG losses.
Strategy
Looking to purchase IP to initially hold and then renovate/ sell for profit within 5 years. Interested in tapping into CG losses from wife.
Looking to purchase under 50/50 ownership. This provides husband with tax benefits mid term and then benefits when selling as wife will be able to offset CG gain with carried forward losses.
How to (need help)
So I can obtain financing relatively easy. We have substantial equity in our PPOR to redraw.
Was thinking of using 50% from redraw and then borrowing 50% for purchase of IP. Now the existing PPOR loan is under joint names where would be re-drawing equity from. Can my wife claim this as 100% her funds ?
Any help/guidance is appreciated on the above.
Wife not working + substantial CG losses carried over.
Husband working - high income and no CG losses.
Strategy
Looking to purchase IP to initially hold and then renovate/ sell for profit within 5 years. Interested in tapping into CG losses from wife.
Looking to purchase under 50/50 ownership. This provides husband with tax benefits mid term and then benefits when selling as wife will be able to offset CG gain with carried forward losses.
How to (need help)
So I can obtain financing relatively easy. We have substantial equity in our PPOR to redraw.
Was thinking of using 50% from redraw and then borrowing 50% for purchase of IP. Now the existing PPOR loan is under joint names where would be re-drawing equity from. Can my wife claim this as 100% her funds ?
Any help/guidance is appreciated on the above.