Forum Replies Created
Most of my ties consist of that down-ward angle line style [blink]
i think peoples tastes are going to vary HUGELY.. so the more designs the better.
Goodluck… be sure to post the link up when things are up and running [specool]
Originally posted by L.A Aussie:Hi Simon.
Property can be insured against catastophic loss (not capital loss)whereas shares can’t as far as I know.shares can be insured, however its very expensive and most will only let u pick from a list of shares. And then the company has to fall by at least 10% i think.
Is it worth it? Unless u think a blue chip is going to drop 10% then no.
Originally posted by Tools:Rich Dad Poor Dad was bu Robert Kiyosaki.
Tools
yes i know that tools, but he has a number of advisers that write books for him. Such as the book he has on australian companies and trusts. And in this instance- Dolf de roos wrote a book for him under the “rich dad poor dad” title about australian property. I guess Mr Kiyosaki thought itd be better than getting an ameraican property guru to talk about the australian property market.
pretty sure he has a book on realestate. Its one of rich dad poor dad’s books. If it is the guy im thinking of then yes ive read the book, was pretty interesting. Never had a proper job i believe, and made his fortune on property. I have the book at home so ill check it tonight.
hi steffi…
the first question that came to my mind is ‘can you afford both rent at the place your staying at and paying off the investment property’?
this would come back to what property you purchase, but someone in your situation may want the extra security of owning your own home. plus the worries of keeping tenants in as well ( even though vacancy rates are very low) and maintenance etc. could make money tight. its up to you but.
in the end do what your comfortable with.
Originally posted by Terryw:Bo, that may save a few hundred or maybe even thousand of dollars now, but could cost dearly later on.
i should have thought of that lol. Thanks Terry [thumbsupanim]
ormeau may well be worth a look mate, however i dont think theres a location near the beach thats “cheap” but ormeau isnt to far away from the beach, and its still reasonaly priced.
well borrowing expenses are deductible over the shorter period of either the loan or five years mate. Stamp duty on the transfer however does not fall into this category, it is not tax deductible. However you can add this cost to the cost base of the property.
I think [biggrin]
Lived in SE QLD all my short life. and i could honestly stay here for the rest of it as well. Great place. though who knows where the future will take me [biggrin]
As for the roads, yer getting much busier. And i dont think they care about how many people leave QLD because its probaly very small compared to the ‘1000’ coming in.
always very interesting reads foundation, thank you.
i find it hard to believe that theres a recession 2 years away, but then again im not an economist am i [baaa]
do u believe what he said?
sorry bud, that last reply i sent without knowing u replied.
no thats not the case because you didn’t effectively pay 42% tax.
ive decided to try and be abit more helpful [biggrin]
providing the IP is split 50/50 with your wife.
your income is 75000- tax to be paid on 06/07 tax rates is $17,850.
but the IP will bring down ur taxable income to $68 199 ($13602/2)plus depreciation needs to be added into the equation mate.
and it depends on your tax witheld.hey kuade,
you might be better off having the “negatively geared property” in you name. You’ll be on a much higher tax rate. Means you’ll get to claim a bigger percentage on the deductions. (well thats my understanding of it anyway) and if it was a pos geared investment you’d want it in your wifes name as she’ll pay less tax on the money you make.
As for the tax calc. You’ve made a loss of $13 602 from the IP. So im guessing that’ll be your deduction mate. But it depends what percentage of the IP you own. Dont forget depreciation as well, its a good interest free loan in a way.
for THAT price in THAT location, i wouldn’t consider it a good deal. I dont see how it would be cashflow positive either.
i dont know whether to laugh or get angry. i’d be changing accountants right away, when mentioning to him you have an investment property he should of asked if you had a depreciation schedule done, and if in your case (you didn’t) the accountant should of advised you to get one!
I have heard there is legislation that allows the ATO to tax your CG’s like you depreciated the property whether you did or not. Has anyone heard of this? I’m still a youngin so if there are any accountants out there please correct me if anything i said is wrong.
i often think the same thing arrowsmith. but the deals are out there, ive been looking through a few hundred hundred properties and there seems to be a few good deals around.
im confused but, are you only thinking of buying that run down place your renting?
Originally posted by Qlds007:It is funny i had some clients 20 years ago who were going to wait until next year before they lept in and tried to imporve their financial position.
Some 20 years later they still have not done anything and spend their time regreting.
you make a good point Qlds007. Just to clarify my position I had only finished school last year and am waiting for my pay to go up abit more before i commit myself. If i had the money i’d be using it thats for sure [biggrin]
Hi TriggerL,
I will be doing something similar next year with my step dad (using the equity in our family home). We are waiting till next year just to see how things in the market are going, thats a personal decision however. Anyone on this forum will tell you that you can make money in any market. My suggestion would be to talk to a few lenders, see what price range you can afford, and start looking![biggrin] if you find a great deal than what are you waiting for [exhappy] if your looking for cashflow properties than the deal is more important than timing.
Goodluck!
Originally posted by Misty1:So,one needs to be aware of “quality”, not “quantity”.
couldn’t agree with you more misty… if you pay peanuts you get monkeys!!!!
if your concerned with your bill i suggest you do the dirty work yourself (and by that i mean adding all your numbers up on excel yourself etc) that way your paying your accountant $150+/per hour to do work that’ll make/save you money, not doing spreadsheets that highschoolers can do.
I did a H&R block tax course recently (not saying thats an accomplishment or anything [upsidedown]) and can confirm what most of these people are saying is right.
If you havent bought the investment property then no deductions can be claimed from self development.
As for lodging dodgy tax returns- the ATO assumes that the information you have given to be correct. And as mortgage hunter said, its when (and if) they audit you, your up you kno what creek.
I never knew you could/ thought of depreciating books etc when you eventually got the investment property mortgage hunter. Do you know this for sure?
