Investment property

[tina&steve]

Need some help please guys and can you answer in easy to understand English as I am blonde.

We are thinking of buying another house for us to live in and renting the one we live in now out but not sure of the tax and all the stuff with having an investment property can anyone help please???

Off to see the bank next week to see if they will let us do this with the morg we have.

Thanks in advance

Tina xx

[Hayshake]

Can I suggest you see Julian Stevens @ Ironfish.
They specialise in investment properties and regularly hold seminars throughout Adelaide where they invite folk to a no obligation presentation on where to invest, the reasons to invest etc.

Hope this helps.

[snivag]

Here is one of the sites I use for information, you might find some answers on there, Somersoft Property Investment Forums
I feel tax issues are personal and you probably need to see your own accountant for your circumstances. Good luck

[Tyke]

Investment property is very tax efficient indeed.

Lots of depreciation and write off's.

Be careful of going into negative equity though,just ensure you have enough cash coming through to support your day to day needs.

Be wary of any schemes selling houses off the plan for negative equity, they are usually overpriced and anyone selling any "product" gets a fat commission!

Don't let the bank advise you on aspects of this either,most will want to steer you into the most profitable way for them.
If ya ain't go a good accountant - get one now!!

[tina&steve]

thanks for the replies xx

what are these tax right offs? I know if work is done you can claim these back from your tax but a bit confused over the interest bit. It say I had a interest only morg for say 250k and I paid 1500 per month rented the house for 300 per week what can I claim back???

[Tyke]

thanks for the replies xx

what are these tax right offs? I know if work is done you can claim these back from your tax but a bit confused over the interest bit. It say I had a interest only morg for say 250k and I paid 1500 per month rented the house for 300 per week what can I claim back???

There are loads of things to write off. Basically anything that is associated with a cost / or loss of running the house. Yes a shortfall in rent is offset against your tax so in a way the taxman pays for your house

[lindaj]

The Tax Office have a comprehensive web page about what you can and can't claim, it is easy to follow. maybe start there, Good luck

[SignatureSites]

Hello Tina, Did you have any succcess in finding an investment property in South Australia? If not, I currently have some House and Land packages available. Kind Regards, Warrick