Category «Rental Property – General»

mortgage trust

Question In august API page 91 you mention mortgage trust as a way to protect available equity. Is it a normal discretionary trust with some extra provisions in it and if yes what are the extra clauses? Can one mortgage trust protect equity in a number of properties? Please provide more info so I can …

Transferring title

Question My de facto girlfriend and I both own two investment properties together. Both properties are held together as joint tenants and are located in Victoria. It looks like we are going our separate ways, and we are thinking about each person taking a property. Is there any way for us to transfer title to …

Buying property in a trust and renting it off the trust

Question Hi JuliaI have heard of people establishing a trust to buy a property then renting the property off the trust. I have been offered a job in Port Hedland and the company has offered me a $800 p/w tax free allowance to provide my own housing, which would normally be provided by the company. …

Do I have to pay tax on rental income?

Question JuliaI am an Australian citizen. I have been resident in London, UK for 5 1/2 years and will obtain dual-citizenship early next year (British/ Australian). I want to buy an investment property (two bed flat) in Queensland to rent out. It is $435k (desposite of $100k – $120k) and I am hoping to rent …

Sale of rental property owned in company name

Question We have a basicaly dormant Pty Ltd company which purchased a unit about 15 years ago for $54000. The company has just accepted a offer of $226500. The company only receives the rent of 2 properties as income , about $26000pa (basicaly dormant).After the sale of the mentioned property only one property will remain …

Claiming Interest as expense with intention to further develop a rental property

Question Hello JuliaApologies for the long question, but I would like to start of with a detailed context to my question, in order for you to gain a proper understanding of our situation.In July 2007 my husband and I purchased an investment property in inner city Brisbane. The property was on two lots, with a …

GST

Question I am currently purchasing an ex local council property ( which was formerly a local infant welfare centre)in partnership with another couple. The property was sold with GST written into the sales contract. The settlement is mid April. We are buying in the name of trusts as tenants in common.My question is how to …

Am I a Resident for Tax purposes or not?

Question Hi Julia,I emailed Noel Whittaker from a link in the online Courir Mail – the response from Noel was to contact you. I have cut and paste the question from previous email to Noel.Regards,MickThank you for writing to me – unfortunately I cannot answer your question in the newspaper but I realise the importance …

Tax impact when renting investment property to elderly parent.

Question Hi,I am looking at purchasing an investment property and my mother who currently lives with my sister has shown an interest in moving into it and paying a reduced rent. She doesn’t have much money overall, but is suggesting she put forward $80,000.00 towards the property.My wife and I would take out a loan …

Tax deductions on a rental property

Question Hi Julia,This question is a follow on from question #94 which you replied to on 22/1/09. The background to my question is the same, ie. –"My partner and I are currently living in our own home (with a mortgage). We bought the land on 23/8/2003 and moved into our newly constructed home in February …