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Getting some of your income tax back to put towards IP

Discussion in 'Property Finance' started by exploreinvest s, 7th Apr, 2016.

  1. exploreinvest s

    exploreinvest s Member

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    Hi
    Had a phone call from a company who suggested that if your income is over $85,000 this finance company can organise in conjunction with the government to use the tax paid from work income to put towards investment properties as the situation with super is not going to be good in years to come.
    Has anyone else heard of this. ?
    Using your tax to pay down loans
    Your thoughts please
    Regards jo
     
  2. Hodor

    Hodor Well-Known Member

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    Do they just mean negative gearing property and are bundling it up and trying to make it sound fancy?

    I would want to know a lot more ...

    There are a number of red flags for me, cold call (I assume) - if the deal is so good why are they drumming up business in this way, seems like they are trying to supply finance and the property - a sales agent doesn't work for you or have your best interests at heart, how do they make their profit? It also seems like they are trying to use the "Government" to make themselves seem more reputable.

    ... actually I want to know a lot less so I don't even consider it.

    Get on the do not call register would be my thoughts so you don't waste time with this stuff.
     
    Erida likes this.
  3. House

    House Well-Known Member Premium Member

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    Thought it could be PAYG Variation but there's no income bracket for claiming that.

    What was the company's name? And by "putting it towards" IP's do you mean as an ongoing thing or a lump sum?
     
  4. Propertunity

    Propertunity Exclusive Real Estate Buyers Agent Business Member

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    It is just a property spruiker's way of saying that instead of waiting for an EOFY tax return you can lodge a PAYG Variation and get reduced tax from your PAYG income each payday, and use this cashflow to fund negatively geared property.
     
    Last edited: 7th Apr, 2016
    JacM likes this.
  5. exploreinvest s

    exploreinvest s Member

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  6. exploreinvest s

    exploreinvest s Member

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    Hi
    Thanks for your prompt replies☺The company is called GM homes located at Labrador Gold Coast Qld. They are financial Services Co. And full service builders.They specialise in Mortgage reduction, tax minimization wealth creation and retirement funding and SMSF funds.
    Will send an email to ask if it's a PAYG variation
     
  7. Propertunity

    Propertunity Exclusive Real Estate Buyers Agent Business Member

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    Why do the combination of the words: Gold Coast, financial services, builders, mortgage reduction, tax minimization, wealth creation, retirement funding and SMSF make me feel like the OP might work for GM homes? (apologies if you don't but my BS detector needle is flicking around in the red zone)
     
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  8. JacM

    JacM VIC Buyer's Agent Business Member

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    Interestingly, a friend of mine here in VIC got cold-called from a similar mob with a different name touting the similar stuff just the other day. He has agreed to listed to their spiel but has asked me my thoughts and if I'd come along to listen to it as the BS-detector. I've told him precisely what I know it'll be and why it is BS but will go along anyhow, then educate him to help him understand what he can do in the real world.

    The mob that called him were claiming that they can organise it so he can use his pre-tax earnings to pay off his mortgage. Ultimately, to my knowledge (and the brokers may correct me if I am wrong), the only people that can salary sacrifice to pay off their mortgage (and thus pay off mortgage with pre-tax dollars) are people in the medical industry and people in the charity sector. So I'm suspecting it's going to be all smoke and mirrors nonsense about the tax variation form as @Propertunity has suggested.
     
  9. Patamea

    Patamea Well-Known Member

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    Mine just exploded