question
Q: Hi Creative accounts,
I’m looking for a way to reduce my taxable income by $6500 per annum. I currently keep earning to much, and it makes my wife in eligible for family tax benefit B.
I’m on wages and work for a large company that wont let me take a few weeks off without pay.
I Need some creative accounting ideas on how to reduce my income to just squeeze under the 100k threshold. I’m only aware of negativity gearing an investment loan to reduce income.
Any other advice/ideas would be greatly appreciated
question
Q: Hi Tax People,
I have a joint equity loan with my wife. We both have individual online broking accounts.
I have been told by our accountant that my wife or myself can use money from that loan to buys shares individually and he would make “loan up” saying the money was borrowed from the account and therefore claiming the interest individually.
To keep this cleaner for tax purposes my bank said we can split the loan and call loan 1 ( wife investment loan) and say loan 2 ( Peter (me) investment loan).
My question is
1) if wife wants to pay her loan down , I’m wondering if that’s possible with the original “loan up” document written up at a certain amount and as it’s paid down obviously the loan has reduced and wouldn’t match the original loan amount.
Any help would be great.
Also if any one is a subject expert on these setups would love to make an appointment for advice happy to travel.
Regards Peter
answered
Q: Hi,
My Wife and I have a 75k mortgage. we have an equity loan facility that is split from this mortgage of 400k.
we would like to invest in some shares using funds from equity loan.
We would like to set it up so my wife is buying the shares as she has recently delivered our baby and won’t be returning to work for around 5 years.
Can she negative gear the interest against dividend income from the equity loan keeping in mind it’s in both our names?
A: Hi Brendan,
Thanks for your reply
we are looking at a medium to long term high yielding(larger dividends)investment portfolio. I have been trading stocks for 25 years ,had countless margin loans, and have sratergy that has worked for us for the last 20 years,
I’m trying to take advantage of the lower interest rate that the equity loan has over margin lending.
You are right, I have had three accountants now that are very good a some things but are not up to scratch in these type of arrangements .
Would you be able to steer me to someone on the central coast that is good in this area and or where in Newcastle is your office? Happy to travel up if you are experienced in what I’m trying to accomplish (sounds like you are).
The main question I really need an answer is would it be possible to claim the interest against high yielding dividends from a portfolio if I kept the statements neat/clean for the ato ?
Keeping in mind stocks will be bought in my wife’s name and the equity loan is in both our names
Brendan if you are happy to see me let me know how to contact you to make an appointment.
Cheers
question
Q: Hi,
My Wife and I have a 75k mortgage. we have an equity loan facility that is split from this mortgage of 400k.
we would like to invest in some shares using funds from equity loan.
We would like to set it up so my wife is buying the shares as she has recently delivered our baby and won’t be returning to work for around 5 years.
Can she negative gear the interest against dividend income from the equity loan keeping in mind it’s in both our names?
answered
Q: Hi,
I have a joint home loan with my wife Of 400k that is linked to a offset account with 400k in it. My wife is not working now due to pregnancy and will not be working for a number of years.
We would like to purchase some shares in her name (because of her now low income) around 150k worth. Can she claim the interest on the 150k taken from the offset account. Can she claim all interest keeping in mind homeloan and offset are joint? someone mentioned me lending her the money? Loan structure?
A: Hi Ken, thanks again, I will keep in mind the loan split, great advise mate.
answered
Q: Hi,
I have a joint home loan with my wife Of 400k that is linked to a offset account with 400k in it. My wife is not working now due to pregnancy and will not be working for a number of years.
We would like to purchase some shares in her name (because of her now low income) around 150k worth. Can she claim the interest on the 150k taken from the offset account. Can she claim all interest keeping in mind homeloan and offset are joint? someone mentioned me lending her the money? Loan structure?
A: Hi Scott, thanks for your input,
I have kept the question pretty simple not exact figures etc. thank you for your concern with my investment statergy. I have been trading shares for over 20 years. I have had countless margin loans hence having 400k to play with.
I was told I could do this many years ago by my old old accountant but did not go into details and had no wife at the time.
Thanks again,
Peter
answered
Q: Hi,
I have a joint home loan with my wife Of 400k that is linked to a offset account with 400k in it. My wife is not working now due to pregnancy and will not be working for a number of years.
We would like to purchase some shares in her name (because of her now low income) around 150k worth. Can she claim the interest on the 150k taken from the offset account. Can she claim all interest keeping in mind homeloan and offset are joint? someone mentioned me lending her the money? Loan structure?
A: I found my account was guessing answers when talking to him about it. I'm looking for a new accountant who is up to speed with this type of setup.
answered
Q: Hi,
I have a joint home loan with my wife Of 400k that is linked to a offset account with 400k in it. My wife is not working now due to pregnancy and will not be working for a number of years.
We would like to purchase some shares in her name (because of her now low income) around 150k worth. Can she claim the interest on the 150k taken from the offset account. Can she claim all interest keeping in mind homeloan and offset are joint? someone mentioned me lending her the money? Loan structure?
A: Hi Ken, thanks for your input. I would prefer to use the home loan interest rate as it is a lot lower than margin loan
question
Q: Hi,
I have a joint home loan with my wife Of 400k that is linked to a offset account with 400k in it. My wife is not working now due to pregnancy and will not be working for a number of years.
We would like to purchase some shares in her name (because of her now low income) around 150k worth. Can she claim the interest on the 150k taken from the offset account. Can she claim all interest keeping in mind homeloan and offset are joint? someone mentioned me lending her the money? Loan structure?
