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Hi. This reply is probably too late to help you, but may help another. DEPRO QS are just great. They have done Q surveys on several old and new properties we own in the Brisbane area. For around $400 they gave us extensive depreciation and capital schedules for the life of the property (i.e. 25 years worth!)Many other Q Surveyors only give you a few years worth of schedules and are not very thorough. They also found $1500 to $2500 yearly plant depreciation on some old cottages we own, making it well worth the expense. James Hannah is involved in DEPRO, he writes articles on depreciation for Australian Property Investor mag.Hope this helps. Carol.
Hi all, speaking of good lawyers conversant with lease / wraps, does anyone know of such a person in QLD?
We own several capital growth properties (cash flow neutral to positive) and are just starting to learn about wraps. Meanwhile, a family situation has arisen and we want to help my husband’s sister buy a house in Ipswich (outer Brisbane). She has a low income and is on a single parent pension, presently receiving rent assistance.
We hope to do a lease – buy wrap for her with us as the vendor, making no profit, using a minimum deposit and using her rent assistance for a few years to help pay the mortgage. However we are baby wrappers and need guidance. Since it is a family deal, we really only need a lawyer who can draw up a contract that will satisfy the govt. especially the tax dept. We also need wrap friendly finance. We have heard that income from wraps is taxed at normal rate with no CGT. But how sure are you about this – we do not want to pay capital gains tax in 5 years time (a possibility even in Ipswich these days!) Also as we are foregoing profit, we will have no income from the deal to pay tax for – I wonder if we could claim a loss???
Is there any way we can avoid paying double stamp duty? If we sign purchase contract ” us …or nominee” would this sort of lease option survive 5 years or so in Qld without paying two lots of SD.
Also we have heard that if you sell to a relative, a new valuation is mandatory to stop people rorting SD/CGT tax, i.e. we cannot sell it to her for $1.
Sorry to ask so many questions, but we have never done a wrap before. (Am still trying to talk my husband into doing a wrap course – this could be the painless way to ease him into it as he really wants to help his sister….) All suggestions and advice are very welcome. Carol
