Forum Replies Created
Japan, hhmmm, Mini, Westan, we need to do coffee. I can see the rental ads up at the TESOL schools – chasing gaijin tenants to occupy tiny little apartments not much bigger than my car space at work – 20% yields!! Get me a flight – Jetstar!!!
CastleDreamer
Hi Jamestk,
I own property in an Aussie family trust in NZ. When I sell, my accountant advises that the capital gains will be taxed back here in Australia. Whether you bring the money home or not is irrelevant in this structure as you have ‘earned’ it and so the ATO sticks its hand out….
CD
CastleDreamer
You Rogue Aussierogue!!!!!!
It would be great if wood ducks were out there more often me thinks!!
CD
CastleDreamer
Plenty of hot air going around guys – could be that!!
But we have monopolised Monopoly’s serious thread with our humour….. tsk tsk
It is true that NZ is much better known for earthquakes than we are here, some areas more so than others. I guess a check with the insurers and the local council webpages and disaster planning pages helps get a feel for the risks. Much the same as I did here in Brisvegas when looking at areas near the river – speak to council and find out the weather issues (flood in this case)
Good thread Monopoly – something different but valuable to us to think about.Cheers
CDCastleDreamer
I’m with you Westan, I think we should immediately start looking for the fault lines that would give us coastal views when the bits fall off – do you think that some well placed charges could speed things up a little!?!?
Seriously, have a look at Canberra and the bushfires, Brisbane and the 1974 flood, Newcastle and its floods and earthquakes, and anywhere else in Aus and you come accross nature at her best. NZ just has some differing issues!!!
I remember when I was little I saw a tv show about volcanoes and spent the next several nights petrified lying awake waiting for one to erupt nearby – lucky my family had emigrated from NZ, otherwise it might have been real!! (chuckles!!)
CD
CastleDreamer
Well done Westan!!!!
CastleDreamer
Work for the Ambulance, we get there first!!
CastleDreamer
Everybody take a breath guys, its up to each of us to decide what we think about God or otherwise. I have read the thread through and you all say things that could potentially sting each other’s feelings. If Mark wants to sign his thread as he does that’s great, if he wants to wish me the six lotto numbers instead, that is also his choice. Personally Mark, I’ll take your signature block, as He is probably longer lasting than lotto!!!!
Breathe in the love….. breathe out the hate!! Chill all.
CDCastleDreamer
OK, for all of us late readers, what was the information???
CastleDreamer
Westan, you fibbed, I really did eat just one junior burger!!
Matt, I had the best fun, negotiating deals, and the best part was walking away when the price wasn’t right – I felt empowered, that I had been able to leave emotion out of the equation, and analytically play the game. Very satisfying and rewarding.
Have next trip booked for June. This definitely is a great escape from the day job. Love the cooler weather, no humidity!! Friendly people (so what that most of them are Aussies – except Muppet!!! – that I have met along the way!!! – excellent time all round.
And, in closing, what can I say except that this is great fun, and while it is fun, I will continue to invest with a passion. Life is for living, not stressing and number crunching, do all of that for sure 100%, but don’t forget to enjoy the daisies in the front yard of the next rental property you survey!!!
Cheers
CDCastleDreamer
Hey Pursefattener.
As all buildings can be depreciated, the age of the property isn’t so important over there.
I use valuit.co.nz. for about 350? approx they pretty well guarantee to get more than that in deductions per annum.. I have a schedule due in the mail shortly that I can refer to and continue this thread if you want. Let me know.
Cheers
CDCastleDreamer
[drummer][strum][guitar][headphone]
Hey Mini,
I am so pleased to have read your posts through the forum, and to have shared ideas and gossip with you over the months.Congratulations on the number of valuable and well thought out posts you have contributed to the forum here.
Steve has it going “Maxi”!!! (big dreams, no probs!!)[specool]
Cheers[thumbsupanim]
CDCastleDreamer
Hey pursefattener (cool name!!)
Depreciation write offs are at a better rate than here in Oz for NZ – on the contract going unconditional I have organised a Chattels Depreciation Schedule (Valuit.co.nz are one firm that will do this for you). It is dated from the date of settlement. I like to get it sorted out ahead of time so that I can get on with refurbishments ASAP if there are any to do (and then add the changes on through my accountant).
The depreciation write off is then applied according to the schedule in each tax year. IF YOU MAKE A PAPER LOSS on your property because of the write off, you cannot bring it home to Aus to offset against Aus income. The loss is trapped in NZ but can be carried forward to offset against a future capital gain. (this is how it works for individual and family trust setup I have, should be aware that different structures may have different accounting rules. The NZ ATO is called the IRD!!!)“How much will that add to the bottom line of a 200K property?” is going to depend really on the value placed on the building and chattels. The more chattels in the equation the higher write off as building is only (I seem to recollect????) 4% pa, as opposed to some chattels which can be written off at 15% pa. Kinda a how longs the piece of string question, I can’t give precise ideas on.
Anyone else help out here??
Cheers
CDCastleDreamer
Yack,
ask the other owner to paint yours while he is there.. at least if he stuffs it up, you will be in company!!!
Seriously, if he can paint though …
CDCastleDreamer
Some banks apply that thinking, eg ANZ will require a 30% deposit in Tokoroa, and some areas of Wanganui – yet when you go there, they look nothing like the skanky areas I have come accross in Australia, but it is different in NZ, and the banks are obviously risk averse – especially with O/S investors.
Does anyone out there have the list of towns where ANZ require a 30% deposit – I can’t seem to find my email
Cheers
CDCastleDreamer
Will depend on the lender, your lending strength, and similar.
Generally, some banks have a list of areas where they have tighter lending criteria such as a 30% deposit and restrictions on the loan for the first couple of years (ANZ is an example of this).
A good broker should be able to help you through the maze of NZ lending
Cheers
CDCastleDreamer
Hi there,
I recently purchased a block of flats (that sounds impressive!! – but really only three little flats!!!). The building inspection revealed a few things wrong with the property. I agreed to go unconditional on the building inspection clause if the vendor reduced the price by $2500.oo to cover some of the defects found in the report.
I presented this to the agent verbally, it was presented verbally to the vendor who agreed, and a one page statement of variation was signed by both parties to agree to the change (in NZ).
Here in Australia, I have varied the price down after the building inspection – the alteration is made on the contract with both parties initialling the change to price.
Why would you bother having a building inspection if you couldn’t address the issues that arose. Your contracted price is put to the vendor assuming no major unidentified issues. When issues arise, you have every right to alter the terms/price to suit you – if you have an amenable vendor!!! – who will make good the faults or alternatively reduce the price – otherwise you stay as is or walk away./
CDCastleDreamer
Quote from ATO website:
“Lodging your tax return after 31 October 2003A failure to lodge on time penalty can apply when returns are lodged late. You could reduce the size of any penalty due by lodging your return sooner rather than later.”
This is reference last year, but you can see the date is end of october – perhaps an accountant can get an extension as they have many returns to do – I will be checking!![computer]
CastleDreamer
Don’t know where I heard the October figure – is that for private lodging???? But if I can leave it until April 30 then girl I am there – will consult my accountant. Cheers for that little bit of choice info!!!!!
CD
CastleDreamer
Hi guys,
I have Aus Westpac account and transfer to NZ westpac account. Money has been there in as little as twelve hours as goes direct from here to Wellington Westpac and then onto branch. difficulty with Westpac here is they have just capped the TT amount by internet to $5K so now have to go to branch to transfer more than that – unless you set up a business account with them (advised by my local WBC branch here in brisbane re this)
I wait until I need more than 5K and go to the branch. Try to minimise the number of transactions to minimise the fees. I recollect $30 this end and ??? 10-15 at the other end
CheersCastleDreamer
