I want to save tax and increase my family’s wealth.
April 7, 2008 by Josie Kay · Leave a Comment
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Q. I work in the mines, income $97,000 +/- a bit. Have a salary sacrifice vehicle, a wife (at home mum) with 4 kids 7 years old and under.
My Home is valued at around $450,000 owing $340,000, no credit cards and a personal loan $45,000 owing $35,000 (extensions and shed). About $10,000 is in various shares which I have bought over the years and $100,000 in super.
I would like to save some of the tax $’s which I pay and enter the investment property market (negative gearing) or another income generating project to get my family in a better Financial position.
With the way property is going and the expected increase over the next years. However My lender (suncorp) says I don’t have enough security / cash flow to purchase A rental property. I have also heard about other firms (RPM Nation wide)
Where by using a rental income to reduce your principal home loan using offset accounts and capitalizing the interest for a larger tax advantage.
Would you be able to suggest an appropriate strategy for my family to increase our wealth?
Josie’s answer - Thanks for your question. Not sure if you are going to be doing cartwheels once you read my advice. Read more
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