If I were a betting man I would say that the majority of Steve’s income these days is dervived from selling information (seminars & mentoring) rather than property investing.

Dazzling – “Due to the amount of money involved, we have decided to challenge the validity of the Land Tax bill received from the SRO….arguing that the legal ownership of each property is different given the differing percentages, and hence should not be aggregated together. The Act certainly does not preclude this possibility.”

Any updates on…[Read more]

Nigel I reckon your time would be better spent spell checking your web site rather than denigrating others.

Not looking at buying in the near future unless a bargain coimes along.

35% on 5 propertes and falling.

Hi Derek,

Could it be at the top to purposely bring attention to the program ?

Cheers,

Benson

I wish it was down to what I say – I would abolish it all together ! Unfortunately it is how the Land Tax Assessment Act works.

Cheers,

Dazzling,

Changing the percentages wont help unless you introduce another owner onto the title (in WA not sure about other states).

ie dazzling 50% mrs dazzling 50% will be aggregated on the same land tax client ID as dazzling 99% mrs dazzling 1%.

A couple could have 3 separate ownerships to limit the aggregation.

ie dazzling – owning land…[Read more]

I would be astounded if anyone on the mentoring program would access information that hasnt been discussed on this site or somersoft for free !

Why are peolpe so keen to pay for info that is so freely available if you know where to look ?

Couldnt see any in the West. Where abouts Redwing ?

Cheers,

Benson

The date the contract has been executed by both parties ie your offer is dated 01/01/05 and the vendor accepts on the 02/01/05 then this is the date (02/01/05) you have acquired the property for CGT purposes. The same applies for the sale of the property.

The contract date rather than settlement date is the important one for CGT calculations.

Cheers,

Benson.

Neil Jenman agrees with The Mortgage Advisor.

http://www.jenman.com.au/NewsQuestions1.php?id=176

Not a grey area. The State Rev Dept will chase him for the money (plus penalties possibly). My understanding is the FHOG is contingent upon you living in the property within 12 months to qualify for the grant.

Which Lender announced this rate today Penfold ?

Cheers,

Benson

I think what your friends at work are saying could have some substance. If the ATO believed you were in the business of renovating and selling for a profit then all your profit could be treated as income and the 50% exemption would not apply. A lot would depend on how many/frequently you were turning properties over.

Cheers,

Benson.

Somersoft is by far the best forum for property investors IMHO. The level of expertise on that site far outweighs anything else on offer.

Cheers,

Benson.

Hey Monopoly,

Have you quietly snuck back into the forum ?

Couldnt stay away hey ?

Welcome back.[biggrin]

Benson.

Hey Mini,

I am sure you do a great job, I was only teasing [biggrin]. Im sure people could do a whole lot worse than contact you if they were interested in looking at some deals in NZ.

Best wishes,

Benson.

Hey mini do you have to pay steve a fee for that ad you just posted ! [biggrin][biggrin][biggrin]