澳洲Australia property Retirement, LOE and tax | Sydney

在澳大利亚


If I am retired, drawing on some super and equity, does the rental income and expenses (interest) get taxed??
In 12 - 15 years, I probably would not have paid off much of the loans, and therefore hopefully the rents have caught up which would cover most of the expenses and some of the interest.
Will the interst be tax deductable??
I am trying to work out if I should now start paying some of the IPs down.  

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cgw said: ↑
If I am retired, drawing on some super and equity, does the rental income and expenses (interest) get taxed??Click to expand...
Hi cgw.

Your rental income will be taxed but your expenses don't get taxed. Your expenses generally help to reduce tax.

Regards
Marty  

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I think ( I read somewhere) that depending on your age when you retire that income from and investment is tax free.

Same as no CGT after you retire (age dependant)

Someone else may be able to help you more  

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Collector said: ↑
I think ( I read somewhere) that depending on your age when you retire that income from and investment is tax free.

Same as no CGT after you retire (age dependant)

Someone else may be able to help you moreClick to expand...

Please disregard.....

I believe that your income is tax free WHEN THE PROPERTY IS IN THE SUPERFUND (SMSF) once you retire. (Income to the SMSF that is)  

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Collector said: ↑
Please disregard.....

I believe that your income is tax free WHEN THE PROPERTY IS IN THE SUPERFUND (SMSF) once you retire. (Income to the SMSF that is)Click to expand...
This is age dependent and applied from 1 July 2007. There will be no income tax on the benefits you receive from your superannuation fund after the age of 60 and the benefits need not be included in your income tax returns, due to income from rental properties.  

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Thanks, but still a bit of confusion, I will try again.

After the age of 60, Putting super into an alloc pension and drawing on it will be tax free.
Drawing down equity via LOC will be tax free.
Will Rental incomes and all expenses including interest be treated as they are now, ie I put in a tax return with rental income and claim all expenses and at the end of it, hopefully it is neutrally geared.
Therefore my IPs are costing me nil, and I am loe and super.
Do this for 10 years, and then repeat the process, or sell up and live on what is left for the next 10 years, and then who cares, I will be happy to live on on anything after 80ish.
Whilst LOE, I will have to watch the compounding interest debt, but at 80, who care, I will go bankrupt.  

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cgw said: ↑
Thanks, but still a bit of confusion, I will try again.

After the age of 60, Putting super into an alloc pension and drawing on it will be tax free.
Drawing down equity via LOC will be tax free.
Will Rental incomes and all expenses including interest be treated as they are now, ie I put in a tax return with rental income and claim all expenses and at the end of it, hopefully it is neutrally geared.
Therefore my IPs are costing me nil, and I am loe and super.
Do this for 10 years, and then repeat the process, or sell up and live on what is left for the next 10 years, and then who cares, I will be happy to live on on anything after 80ish.
Whilst LOE, I will have to watch the compounding interest debt, but at 80, who care, I will go bankrupt.Click to expand...
I would presume that would be the case. The tax accountants can verify that.

I would be more wary of not having enough finance at the age of 80, at a time of physical weakness and extreme vulnerability and lose the 'independence' that was gained over a lifetime.  

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I rang my acct, and he said you need to be earning a salary or wages to offset your expenses. So hopefully in 12 - 15 years the rents have caught up.  

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cgw said: ↑
I rang my acct, and he said you need to be earning a salary or wages to offset your expenses. So hopefully in 12 - 15 years the rents have caught up.Click to expand...
No, you need to have income, which does not have to be salary or wages.

Rixter did a long post here regarding LOE where he uses bank bonds to provide the income to offset the expenses, no sweat required.

Dave  
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