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  1. #11
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    Oh ok. It will be in my husbands name only but for them to live it for free. I wonder what tax we will get charged on this!

  2. #12
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    I expect you'll need proper accountancy advice on the tax part. It is not something the bank will be able to advise about.

  3. #13
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    Sorry I did misread your initial post, yes overseas investments will have tax implications for ATO and any government benefits as its an assets not your primary place of residence. I don't know if you can negatively gear an overseas investment but I think you can but big emphasis on I think b

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  5. #14
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    what are you doing with the overseas home? buying it? will you hold legal title in it? if so, the ATO will want to know about this. or are you jus paying the mortgage off it but will not have any proprietary interest in it?

    if you're just using the money to help out family overseas by paying off the mortgage then it's not your asset and there'll be no tax consequences.

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  7. #15
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    Quote Originally Posted by kim85 View Post
    Oh ok. It will be in my husbands name only but for them to live it for free. I wonder what tax we will get charged on this!
    capital gains tax when he sells it?

  8. #16
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    Its the family home he is buying but it will then be in husbands name only. He is a permanent resident of Aus..
    I will have to chat to an accountant because I don't want this costing us lots of tax each year on top of it.. Can put in family name but since we are paying we want to have control of it so it can't be sold off.. Will be in the family and passed down as is their custom.. Usually!

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  10. #17
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    there'll be no income to declare on it each year I assume as you've said they're going to be living in it for free. so you won't be paying any tax from year to year. you also won't be able to claim any expenses associated with the purchase so the interest you're going to be paying will need to be capitalized (added to the cost base of the property). so ensure you keep records of all loan statements etc. if/when the property is sold, it will be subject to capital gains tax. this will all be in your husbands return, not yours. but it may affect your return indirectly due to family in find etc. if you're on any centrelink etc payments, this may affect those too.

    definitely talk to an accountant face to face about this. it's complex and you want to ensure its structured correctly.

    will the $50k buy the whole property or just a portion of it?

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  12. #18
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    I'm pulling equity out of both my properties. One to purchase an investment w my brother. The other to pay off debts, update white goods, build a pergola and pay for some procedures.

    Speak to your bank about an offset account and an equity loan. Banks can give you 80% of your available equity for whatever reason. Just say improvements or what have you.

    When you get the money it's up to you how you spend or invest it.

  13. #19
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    Thanks. Yes the whole property will be 50k ish.. My friend told me she knows an Irish guy who bought a house in Ireland and he claims it here in his Aus tax.. Gets lots back.. Weird!

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  15. #20
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    Quote Originally Posted by kim85 View Post
    Thanks. Yes the whole property will be 50k ish.. My friend told me she knows an Irish guy who bought a house in Ireland and he claims it here in his Aus tax.. Gets lots back.. Weird!
    sorry meant to quote, not thank.

    you can claim the expenses so long as you're declaring rental income on the property. if there's no income, then the expenses aren't deductible.


 

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