If you choose a property in Ipswich,  then I'd suggest Vanessa Mathewson of Walkers Quality Rentals Ph 07 3812 8455

Hi Bradles,  The following is an extract of a document off our website that explains further about capital gains tax.  Capital Gains Tax  Capital Gains Tax (CGT) is the tax paid on any Net Capital Gain made on an asset that is sold, and is included in your Income Tax Return. CGT is not a separate tax but forms part of your income tax pa…[Read more]

Yes I'm pretty happy…can't see them moving in the next couple of months with an election on the way!

seals139 wrote:
Yeah I lived in it for about two years, and have owned it less than six years

Sorry Richard but I disagree with you here!  This alone does not make the property CGT exempt.  You can only ever claim one PPOR at a time.  Seals, where did you live for the other 4 years?  For example if you rented or lived with parents for those 4 y…[Read more]

I'd suggest contacting Matthew Quinn from Catalyst Property Services.  They are based in Adelaide but service areas Australia Wide.  Here's his contact details:http://www.propertydivas.com.au/7ProfServ/Professionals.aspx?cmaid=9698e357-b6ce-4e7c-8f1c-d813757e1b53&cmstat=Profall

I think you'll find they aren't available as yet for investment properties.  Here's a link to an article about the new Shared Equity from Richard Taylor:http://www.propertydivas.com.au/7ProfServ/Professionals.aspx?cmaid=3b9d5965-4e9a-4d69-9254-a9dde01786e5&cmstat=Profall

Speed is great but I'm also having trouble finding new posts and would prefer them listed according to category.  It just makes it easier to find posts that I'm interested in responding to.  Having developed my own website I know how hard,  and how much time it takes to get even the smallest feature to work smoothly so well done Steve and the ga…

Hi Fann,

We’re with Elders insurance. During our last reno I contacted them to say the work would take about 12 – 14 weeks but that I would attend site most days. Although they also have a 60 day limit the underwriters gave us a special exemption. It probably helps that we also have several other properties insured through them and have never…[Read more]

Trust me you’re not alone, but as long as you’re registered with a tax agent then don’t panic. As we usually have a tax bill I delay doing our tax for as long as I can.

AmandaBS
http://www.propertydivas.com.au
FREE online Property Resources

“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”

For an Accountant in Melbourne try contacting Nancy Keep at info@nancykeep.com.au.

AmandaBS
http://www.propertydivas.com.au
FREE online Property Resources

“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”

Hi Tim,

The current Division 43 Capital works claim is 2.5% over 40yrs.
Your deduction is calculated from the day the building is first used after completion of construction, and is based on the construction expenditure or structural improvement made.
It includes:
• All fees associated with the design, survey, engineering and council app…[Read more]

Hi Suzieq,

My understanding is that you can only claim expenses at the point the property becomes available for rent. So if you haven’t taken ownership, you can’t claim it. Further the amount needs to be directly in relation to earning the income so I agree with your advice received to date that you can’t claim the travelling costs.
However I…[Read more]

Celeste you did make a reply post on the “other” forum!
Sorry to confuse you!

AmandaBS
http://www.propertydivas.com.au
FREE online Property Resources

“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”

Sibdividing is certainly a great way to unlock value in a property however you first need to check with Council to ensure this type of configeration is permitted. There’s usually a minimum side access required of approx 4m. Most Councils will also require that the full length of the driveway be concreted plus the existing driveway on the front…[Read more]

The SEQ regional plan (www.oum.qld.gov.au) identifies a new urban growth corridor for housing and industry. Ipswich is expected to grow from 140000 to 318000 people by 2026 so my pick is:

1. Ipswich
2. Ipswich
3. Ipswich
4 Ipswich

AmandaBS
http://www.propertydivas.com.au
FREE online Property Resources

“It is better to be inconspicuously…[Read more]

So Amanda do you believe that the interest paid on the 105% borrowed is tax deductible?

The 5% covers all legals, stamp duties, inspections etc.

Thanks,

Simon Macks

Yes Simon, as I stated above my opinion is that all the interest on the borrowings, to the extent that it has been applied for the purpose of acquiring an income producing asset,…[Read more]

To clarify the Borrowing Costs issue:

Under Section 25-25 of the Income Tax Assessment Act you can deduct expenditure incurred for borrowing money, to the extent that the borrowed money is used for the purpose of producing assessable income.

What is classed as a Borrowing Cost?

Loan establishment fee
Mortgage registration fees
Title search…[Read more]

The most important thing is to verify their identity, employment and rental history. You can download a “Property Rental Application Form” off our website which may help, plus there’s also some other checklists that you may find…[Read more]

Hi Mashilu,

Looks like you’ll need to keep looking! If you consider subdividing a property again the following article off our website may be of help:

What is Subdividing?
Subdividing is when a piece of land is split into two or more pieces (ie separate lots). The process is controlled by the local Council. Planning codes and procedures vary…[Read more]

Hi Bennn,

Welcome to the PI forum! I’m a little confused by your question but I’ll do my best to answer it.

All rent that you receive must be declared as part of your taxable income but you can offset any expenses you have paid such as rates, insurance etc. and the interest only part of any loan repayments. The tax office don’t look at which…[Read more]