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Tax Questions Answered
Question Hi Julia,Its great listening to your advice on the Property Couch. I e-mailed you through Empower Wealth and I was directed to this site.I was hoping I could get some clarification on a property purchase/transfer to see if we proceed and execute it correctly if it will have the best financial/Tax outcome for us …
Question Hi,How are you? I am a small business owner of an accounting firm (no employees). I have already asked the below question to another accounting organisation but the answer was brief. I love your answers, and want confidence in our work so would appreciate if you could help. The scenario and question: I have …
Question Hi Julia, I purchased an investment property with settlement date in January 2022. The loan was $472,000 for all purchase related and initial repair costs. In actual fact this was around $3,000 short in the first place, so I used extra money redrawn from my PPOR loan to cover that. Subsequent to that, I …
Question My husband and I own a PPOR and 2 rental properties. We have various Lines of Credit against all 3 properties which were set up more than 10 years ago. None of the lines of credit are drawn down. The total value of them is $500k. The interest rates on the lines of credit …
Question I have a loan for an investment property with Westpac for $220,000. I also have an unused loan facility with ANZ for $220,000. I want to transfer the $220,000 loan amount from Westpac to ANZ as ANZ is about 1% cheaper. The WBC loan facility will be kept and used for other personal purposes. …
Question – IP purchased 2017 with single home and approved plans for 2 town houses. A loan of $1,250,000 was drawn for this purchase, property was rented out until it was demolished/construction began in Feb 2019. – Loan interest deductions have been claimed in full (up till last Tax return 2018/2019) as the 2 new …
Question Wife borrows against her investment property to lend to husband’s company with a formal loan agreement. Company directly pays the interest on the increased (split) portion of the loan. Should wife account for both the income (repayments) and interest in her tax return or is this some “domestic arrangement” with no tax implications for …
Question I am seeking your advice about using a loan from my parents to refinance an investment loan. The background is that I have a $200,000 loan with a bank that was used to purchase dividend paying shares. The loan was a new split facility (secured against a property), and the funds from this split …
Question My question centres around maintaining deductability on an investment loan, but I have provided a lot of background information for you first. Current: – I have a Rocket Repay Home Loan with Offset (Westpac) secured against my PPOR. – I am still within the 5 year interest only period of the 30 year loan …
Question I’m an investment owner in a NSW residential strata building that is registered for GST.We’re about to undertake a major repairs to the common property, and have arranged a strata loan (at the body Corp level) which is be repaid with interest over a number of years, drawn from the owners levies.GST is normally …
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