Terry's Tax Tips

Discussion in 'Accounting & Tax' started by chylld, 19th Aug, 2015.

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  1. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    I will take requests for tax tips.
    What do you want to read about? I will do 5 tips on the most popular topic selected
    a) land tax
    b) CGT
    c) main residence
    d) interest
    e) death
    f) stamp duty
    etc
     
    Terry_w, 20th Sep, 2019
    #181
  2. codebeard

    codebeard Member

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    I vote for main residence
     
    codebeard, 20th Sep, 2019
    #182
    Terry_w likes this.
  3. Jaik2012

    Jaik2012 Well-Known Member

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    +1
     
    Jaik2012, 24th Sep, 2019
    #183
    Terry_w likes this.
  4. Paul@PAS

    Paul@PAS Tax, Accounting + SMSF + All things Property Tax Business Plus Member

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    The Main residence takes up a thick chapter in the Late Great Cooper / Chris Evans CGT Handbook (Thompson Reuters). Arguably leave any element out and the other bits can be incorrect.
     
    Last edited: 24th Sep, 2019
    Paul@PAS, 24th Sep, 2019
    #184
  5. FredBear

    FredBear Well-Known Member

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    +1 for main residence - Thanks Terry!
     
    FredBear, 24th Sep, 2019
    #185
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  6. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    Terry_w, 26th Sep, 2019
    #186
  7. Singhalyash

    Singhalyash Well-Known Member

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    I would not be able to release equity in my PPOR in time for down payment, so in have to chip 10% deposit from my PPOR offset to purchase IP. My question , what the better option and why
    1.90%LVR with 4.9% variable interest only
    2. 80% LVR with 3.7% variable interest only
    Thanks in advance
     
    Singhalyash, 26th Sep, 2019
    #187
  8. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    Seek specific advice.

    Your thinking is out
     
    Terry_w, 26th Sep, 2019
    #188
  9. Singhalyash

    Singhalyash Well-Known Member

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    What do you mean?
     
    Singhalyash, 27th Sep, 2019
    #189
  10. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    you shouldn't be using 10% deposit from your offset to directly buy the investment property.
     
    Terry_w, 27th Sep, 2019
    #190
  11. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    Terry_w, 27th Sep, 2019
    #191
  12. Singhalyash

    Singhalyash Well-Known Member

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    I agree however I will not be able to release equity in time to make 10% deposit. How else can I do it, so do have enough equity.
     
    Singhalyash, 27th Sep, 2019
    #192
  13. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    Why not?
    Have you sought advice?
     
    Terry_w, 27th Sep, 2019
    #193
  14. Singhalyash

    Singhalyash Well-Known Member

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    Asked my accountant, didn't get any clear direction "It's matter if personal choice" :(
     
    Singhalyash, 27th Sep, 2019
    #194
  15. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    Ditch the accountant.

    Doesn't the existing loan have redraw?
     
    Terry_w, 27th Sep, 2019
    #195
  16. Singhalyash

    Singhalyash Well-Known Member

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    It does, its PPOR. What are you thinking? I can add more to redraw account if required.
     
    Singhalyash, 27th Sep, 2019
    #196
  17. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    read up on my tax tips, the early ones as I have covered this.
     
    Terry_w, 27th Sep, 2019
    #197
  18. Singhalyash

    Singhalyash Well-Known Member

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    Hey Terry,
    Thanks for that. Read through, would like to claim understood most of it, but not.

    This is where it gets confusing

    1. My loan is split into two. Variable P+I and Fixed P+I, outstanding loan in both accounts. One of the examples you replied to was for Interest only account with one portion completely paid off.
    2. I understand if I transfer monies from my linked transaction amount to my variable account now and then withdraw it for investment, it cannot be claimed for investment purpose.

    Would appreciate your help
     
    Singhalyash, 27th Sep, 2019
    #198
  19. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    your understanding is incorrect
     
    Terry_w, 27th Sep, 2019
    #199
  20. Singhalyash

    Singhalyash Well-Known Member

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    Please correct me!
     
    Singhalyash, 27th Sep, 2019
    #200
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