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Thanks for the info. Currently we are actually renting and the lease is in her name only. I have allocated my PPOR to another property (land tax purposes) that i own. We are not buying anything, but I thought (was under the understanding) that if she was to move back into her property prior to 6 years and live there for another year then sell, it would be CGT free. However what if she does not move back there and sells it prior to 6 years of renting it out?
I had a boat also, but was told to be able to claim the boat it would have to be in Survey. But this was back in 1994. Also, I think it's an insurance nightmare if you were to rent the boat out if it were not "in survey".
Yep – YEARLY Land Tax bills and higher accounting fees. Just gotta love the invention of Trusts!
and depending which state you buy in pay your land tax bill every damn year with no threshold allowance —- damn I hate paying this bill!
There is no GST applicable to residential rentals.
I just went to a Metropole seminar today and they mentioned a SMSF fund can only purchase Commercial/Industrial property, not residential.
In 25 years of being a property investor I have NEVER heard of a bank coming in higher than the purchase price and then borrowing out at the Valuation price not the purchase price……………I will keep an eye on your posting rtsaptead in the future to see if it all goes through for you —- good luck.
Chelkin,
They are correct about a rent drop. I should of been dropping my rent by $10pw until I got it rented, but I waited 4 x weeks before I dropped the rent and this was on my suggestion not the Agents. I was confused like you as there was so many visitors looking at my web ad and viewing the place that I thought it should get rented. So many people were viewing my place that I gave the Agent permission to hand out the key so people could view it on there own as the Agent was so busy. Hence why I was'nt dropping the rent. Don't put all the blame on your Agent as it's a different market out there this year compared to last. It's a renters market right now on the Gold Coast. I don't think GC Agents understand this and they don't tell you.Hi,
Just to help you understand that you are not alone. I have just leased a house in the Gold Coast, Ashmore and can tell you exactly the same thing happened to me. The previous tenants bought a house (FHOG) and there lease ended Jan 7th 2010. I did not want to be stuck renting my place out in early Jan (which I thought was a bad month) so I let the tenants out of there lease early on Dec 14th 2009. But the damn place did'nt get rented till Feb 6th 2010. I had over 1000 hits on the web and plenty of inspections but no one wanted to lease it. I was getting $425pw from previous tenants so advertised it for $430pw, but ended up with a 6mth lease at only $420pw. I hounded my leasing agent nearly every day over it, but they could'nt explain it. On the day they leased it, I threatened to go to another Agent. Also my mate is currently trying to rent a house in Helensvale and his place has been vacant for 2 months now. It seems it's a renters market at the moment and I reckon it's because of the rush of the FHOG last year. Just another recent experience, I have a unit in Drummoyne NSW and it was renting for $950pw. I advertised it for $980pw and had 2 x applicants fighting over it. The day after my tenant moved out, the new tenant moved in. UnbelievableI have many doubts about buying my properties up in a trust again. My accountant recomended it to me years ago. Now years down the track I have realised some bad things that go with it.
NUMBER 1 thing is damn land tax. Just got a bill yesterday for $8,400 and that's per year. Properties in a trust get NO Threshold allowance. If I had these properties in a Company structure or in my own name the Land Tax bill would be $2,445 per year.
You might think this is not that much difference, BUT after paying my land tax bill for the past 10 years and my yearly accountant bill to do my Trusts tax returns has costs me a small fortune. I know people say it's all for protection against losing your assests, that's why I did it, to protect myself against ex-wives and ex-girlfriends, but in the end they got a share of it anyway. Just make no sense to me.
