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You can complete it online, here’s the link:
http://www.ato.gov.au/corporate/content.asp?doc=/content/71506.htm
As the other posts have mentioned though, if you over estimate the expenses by, I think its 10%, then not only will you need to repay this tax but also a fine. Usually if you’ve been fined one year they won’t allow a variation the following year.
AmandaBS
http://www.propertydivas.com.au
FREE online Property Resources“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”
As Sanjivgupta has said most Councils will allow you to lodge a Development application (DA) with the consent of the owners. Subdividing can take months and even years to complete so its certainly a good way to save interest!
AmandaBS
http://www.propertydivas.com.au
FREE online Property Resources“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”
Yes we sure have, you can read our story and view pictures at:
http://www.propertydivas.com.au/6Share/ReadStory.aspx?story=552ef318-f398-49f7-ac5e-0e26648bf387
Visit your local Council
I’d suggest that you make your first step a visit to your local Council to find out about local requirements and restrictions.Each Council around Australia has different procedures and varying fees, so it is imperative that you have the right information from Day 1. For example, it is vital that you know whether you are required to supply a “bond†to the Council, and if so, how much – it can be a substantial amount which you will need to add into your budget.
Later, when you have found your removal house, you will need to check with the Council that your proposals fit in with the overall town planning scheme.
Find your House and Contractor
Next, you will need to find your removal house and a suitable block of land. Removal houses can be found in your local paper, the “Trading Postâ€, “Yellow Pages†as well as online. Prices vary widely so consider your budget before you embark on your search. Some vendors are businesses that also provide the removal service, whereas others will be private individuals who will require you to arrange for a removal contractor to take the house away and so you will also need to find someone qualified to do this.Removal contractors will ask you to sign a contract. This should set out the terms and responsibilities of the removalist and state all inclusions, such as bonds, fees, delivery details and services provided. For example, some firms will deliver the house on blocks, whereas others will carry out stumping and some even renovate the house for you. We ALWAYS recommend that you seek legal advice in relation to any legal contract – especially as there is no “standard†contract for the industry – Buyer Beware!!
Choose your land
You’ll also need a sufficiently sized block of vacant land for your house, with no easements or covenants that restrict a removal house from being placed on the block.Get your Finance in place
Talk with your financier, as many lenders will not take security over a removal house until it is in position and has been stumped.THE PROCESS IN DETAIL
Inspections and plans
When the Council considers your application for a removal house they will visit both the site and the proposed house to ascertain if it will suit the situation. Consideration will be given to existing neighbouring homes and to the style, materials used, roof pitch and height of your proposed house. Neighbours may be granted permission to view your proposal and lodge objections if they wish, so this is why it is imperative that you research your area first.As with all building works you’ll need to obtain a soil test so that an Architect/Engineer can consider structural details and design plans for submission to the Council.
The plans will contain details including:
Existing floor plan and details of any alterations
Sub floor, beams, bracing and tie down details
Architectural elevations, location and orientation
Any other relevant informationLodgement of preliminary plans with the Council will attract fees that vary between States. An Officer from the Council will then prepare a report of recommendations of building work required, such as:
Level of renovation work required – usually no “patching†is permitted and rotten materials must be replaced
Maximum building height
If roof replacement is necessary, including insulation
Generally rewiring all electrical work
Replace/upgrading of plumbing
Installation of smoke alarms
Tie down, bracing and depth of footings
Determine the bond (Amount held by Council until all works are complete)
You may lodge a Building Application simultaneously with the Preliminary Application and again, fees vary depending on the size of the dwelling and number of plumbing fittings.Payment of Council Bond and other fees
Most Councils charge a bond. This is a sum of cash to be held by the Council until all works are completed to its satisfaction – usually within 12 months. The bond provides the Council with a “safety net†in the event that it needs to step in and take over an abandoned or unfinished job, or one which is not completed to its satisfaction. The bond is often a significant amount and this can put a huge drain on your cash flow. However, it is usually possible to ask for a partial refund as work progresses.Before the house can be moved, all bonds and fees must have been paid to Council and the appropriate authorities notified. The contractor will need to provide the Council with proof of current insurance and a building services insurance policy may also be required. Bonds also apply for escort fees and security bonds for roads.
Once the house is in place
Make sure your contract specifies who will be responsible in the event that damage occurs when the house is moved. After the house is moved, as with all renovations, you’ll need to have a team of tradespeople ready to start work. The sooner the house is finished, the sooner you can receive your bond back.A final word…
A removal house requires lots of careful research and planning, but the rewards are enormous. The satisfaction that you will gain from turning a dump into a shining diamond will give you immense pride, and co-ordinated correctly, a very healthy profit too.SUMMARY OF THE PROCESS
Visit council or town planner
Purchase vacant land
Find suitable house for removal
Engineer report and architect plans
Lodge Preliminary plans with council
Council assessor visits house and site
Pay bonds and fees to move house
Renovate and certified
Certificate of Occupancy
Bond refundedAmandaBS
http://www.propertydivas.com.au
FREE online Property Resources“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”
Hi Tina,
I’d actually go back to the Council first and asked them to show you under what section of the zoning is a battle-axe lot not allowed. Usually all you need is room for a 4m driveway which would need to be concreted the full distance. Sometimes the counter staff at Councils don’t have the experience to answer your question so try and ask to speak with a more senior person in the Building Development Section. Perhaps a 10m frontage won’t give a big enough building envelope.
Once you know what the objection is to a battle axe maybe you can negotiate your way through it with the assistance of a Town Planner/Surveyor
AmandaBS
http://www.propertydivas.com.au
FREE online Property Resources“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”
For flat pack kitchens try Tom Armstrong
Its also worth having a look at http://www.xsstock.com.au or the auctions which advertise in Saturdays Courier Mail
AmandaBS
http://www.propertydivas.com.au
FREE online Property Resources“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”
Hi Jag,
You could try PIA which is available through Somersoft or we have several spreadsheets available online free that you can download that cater for up to 5 IP’s.
AmandaBS
http://www.propertydivas.com.au
FREE online Property Resources“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”
A good place to start your research is with the Qld Population reports. Here’s a link to an earlier post that will get you started.
https://www.propertyinvesting.com/forum/topic/26777.html?SearchTerms=great,download,for,qldAmandaBS
http://www.propertydivas.com.au
FREE online Property Resources“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”
Hi Richard,
By now you should be sampling the true delights of our Qld tucker during your birthday lunch. Maybe a platter of local prawns, golden Mango salad washed down with a Chardoney. Or maybe a thick T-bone steak topped with garlic mushrooms & a cold ale. Gee its 12:15….time for lunch I think. Sadly I’m home alone so its reheated leftovers and Oprah for me!!
Happy Birthday Richard and thank you for supporting our new website.
Kind regards,
AmandaBS
http://www.propertydivas.com.au
FREE online Property Resources“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”
Hi Morty,
Yes CGT is payable on the net gain from the subdivided land. Not an easy calculation though as the original cost of your PPOR will need to be apportioned based on how much land is sectioned off. Best to talk with your Accountant.
AmandaBS
http://www.propertydivas.com.au
FREE online Property Resources“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”
Hi Jimmy,
Glad to hear you’re enjoying Steve’s new book, he certainly makes it easy to read and I love all the little stories along the way. I have attended one of his seminars and he comes across as very genuine & sincere. I’m sure you’ll also pick up lots of useful ideas off this forum.
AmandaBS
http://www.propertydivas.com.au
FREE online Property Resources“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”
There’s an old rule of thumb “if its too good to be true, then it usually is”.
I’m in Qld and I’ve been hearing the radio adverts lately saying how for “as little as $20pw you too can own an IP”
Yeah right….AmandaBS
http://www.propertydivas.com.au
FREE online Property Resources“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”
I’m going to be pretty boring here and agree with the other posts, that providing you don’t hold significant personal debt, I’d keep the property & leverage and buy more.
AmandaBS
http://www.propertydivas.com.au
FREE online Property Resources“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”
Hi Sharron,
Welcome to the world of property investing.
There is no Get-Rich-Pill you can take, but you will need a strong desire to succeed. To be successful in property you really do need a good system in place, so my advice would be to follow our 7 step process.
Step 1 Set your financial goals
Step 2 Prepare a budget
Step 3 Set an investment strategy
Step 4 Build your team
Step 5 Start researching
Step 6 Prepare a Feasibility study
Step 7 Negotiate the deal and repeat!……..Oh and keep reading, knowledge is power!
Best wishes,
AmandaBS
http://www.propertydivas.com.au
FREE online Property Resources“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”
Yes each Council will have its own terms they use to describe zonings and categories so pay your Council a visit & ask for a copy of the regulations. Each zoning refers to if its residential, low/medium/high density, commercial, rural,industrial etc.
With your second question I assume you mean that the house currently sits over both lots, so yes you could slide it sideways with Council approval, although this could be expensive. If its only minor perhaps you could lodge a Development Application to realign the boundaries around the existing house. Once again pay your local Council a visit.
AmandaBS
http://www.propertydivas.com.au
FREE online Property Resources“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”
Gee I was on to my second husband by age 33, but thankfully he’s also my last!!
Best wishes from us all at the PI Forum,
AmandaBS
http://www.propertydivas.com.au
FREE online Property Resources“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”
Hi Andy,
The key with property is to have an investment strategy up front, to find your balance, keep it $mart, $imple and clear. What level of risk you choose all depends on what you’re comfortable with. Some will choose CF+, others negative gearing and some a mix of both. There are many ways to become financially successful and you need to develop a system that works and suits your personal circumstances.
So how do you find the right degree of risk? Every formula will be different. Generally the greater the reward the greater the risk;
Having a methodical plan is your best defence to reduce risk. Look ahead at all the possible obstacles that may present and plan how to deal with them.
Don’t let anyone convince you that what for you is a major step out of your comfort zone is no big deal. Taking on property investing is different for everyone so start as big or small as you feel confident with and work your way up.
AmandaBS
http://www.propertydivas.com.au
FREE online Property Resources“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”
Hi Turtie,
Firstly a big warm welcome to Australia [smiling] and to the world of property investing.
I understand that you’re keen to start buying property, however you may be better off treating 2007 settling in to your new life and also using the time to learn our laws and tax system. I may be proved wrong, but with upwards pressure on interest rates, there is unlikely to be a huge jump in prices over the year. So take the time to broaden your property investing skills and there’s probably no better way to start than by buying Steve’s latest book.
Best wishes,
AmandaBS
http://www.propertydivas.com.au
FREE online Property Resources“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”
Welcome to the world of property investing.
There is no Get-Rich-Pill you can take, but you will need a strong desire to succeed. To be successful in property you really do need a good system in place, so my advice would be to follow our 7 step process.
Step 1 Set your financial goals
Step 2 Prepare a budget
Step 3 Set an investment strategy
Step 4 Build your team
Step 5 Start researching
Step 6 Prepare a Feasibility study
Step 7 Negotiate the deal and repeat!……..Oh and keep reading, knowledge is power!
Best wishes,
AmandaBS
http://www.propertydivas.com.au
FREE online Property Resources“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”
I agree with Marsden, if you hate painting then pay someone to do it instead! We live in a cladded house and once the darn thing heats up it seems to retain the heat.
A lot of prospective buyers may be put off by cladding as they always wonder what problem its hiding? They may think termites?
Having said that, a quick brush and a hose down (although water restrictions have stopped that!!) and she looks like new.
AmandaBS
http://www.propertydivas.com.au
FREE online Property Resources“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”
There is considerably more to Property management than just collecting rent – ask any property manager! Good property management plays an important role in ensuring your property receives maximum returns and remains in tip-top condition.
An efficient property manager is well worth the relatively small fees charged.As you can see from the posts here many property investors choose to manage their own investment properties. While you may save on fees, it can be frustrating dealing with and selecting suitable tenants and the paperwork can prove to be an administrative and legal minefield.
Nevertheless, may investors do successfully and happily manage their own properties and they are happy to carry the burden of doing so and put in the extra time required in return for saving on the rental fees and having greater peace of mind regarding knowing what’s going on regarding the property in general.
If you’re going to be a DIY landlord you must be aware of your legal requirements and I’d suggest that personal contact is kept to a minimum so that sensitive issues such as raising rent are discussed without incident.
You’ll find several DIY landlord pro-forma letters, templates & checklists on our site at http://www.propertydivas.com.au
Here also is a list of useful links:
The TICA Group http://www.tica.com.au
– NSW Tenants Union http://www.tenants.org.au
– NSW Office of Fair Trading http://www.fairtrading.nsw.gov.au
– ACT Tenants Union http://www.tenantact.org.au
– ACT Magistrates Court Tenancies Tribunal http://www.courts.act.gov.au/magistrates
– NT Dept of Justice http://www.nt.gov.au/justice
– QLD Tenants Union http://www.tuq.org.au
– QLD Residential Tenancies Authority http://www.rta.qld.gov.au
– SA Office of Consumer & Business Affairs http://www.ocba.sa.gov.au/tenancies
– TAS Tenants Union http://www.tutas.org.au
– TAS Dept of Justice http://www.consumer.tas.gov.au
– VIC Consumer Affairs http://www.consumer.vic.gov.au
– WA Tenants Advice Service http://www.taswa.org
– WA Consumer & Employment Protection http://www.docep.wa.gov.auAmandaBS
http://www.propertydivas.com.au
FREE online Property Resources“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”
