Forum Replies Created
Hi all
Sorry I keep forgetting about the neg gearing aspect of a discretionery trust.[blush2]
I will go back to sleep now.
Celeste
Hi all
Terryw – why do you always recommend a hybrid trust rather than a discretionery trust ?
They are cheaper approx $600.00 and simpler.
Celeste
Hi all
I had a go at selling my self in Perth, I made arrangements with the settlement agent I use to hold any deposit. No extra charge as the REA send them the deposit for settlement anyway.
If you are in the states that use solicitors, I guess you could make the same arrangement with the one that will do or has done the sale contract. I would expect maybe a small handling fee $ 8 -10
Celeste
Hi Kuade
Try this:
You add up all the expenses (interest / rate /managements fees / insurance etc) that relate to your IP and subtract it from the IP’s income (rent) and then add / subtract the final amount from your other income, that then becomes your taxable amount for income tax purposes. ATO web site has a booklet you can down load with all the things you can and cannot claim and when for a rental property
Following are some examples of how you purchase the IP can effect your tax
Assumption for both examples:
your in come 75k per year, wife 25k per year.
IP makes 10k loss (negative geared)At the end of the year your tax return will be as follows:
example 1 owned 50/50
you wifewages 75k 25k
IP loss – 5k – 5k
you pay tax on 70k 20k
tax 06/07 16350 2100 = 18450Example 2 : all in husbands name
wages 75k 25k
IP loss -10k nil
you pay tax on 65k 25k
tax 06/07 14850 2850 = 17700Example 2 is tax saving of 750 over example 1
Hope this helps
Celeste
This is a basic outline and should not be taken as financial advice check with your accountant BEFORE any action.
Hi Dee Dee
Nope its inland.
I made an offer and it was accepted, I have the bank crunching no.s at this mo. predictions for this area is double digit growth – excellant.
Now I have stock to keep me reno’ing until june next year.
Mega retail therapy!
Celeste
Hi dumadiscount
are you setting up a Company as the Trustee of the trust?
My trust ( no company) was set up in may 06 and has
” the children” of me and my hubby as Primary Beneficiaries.Were just general beneficiaries.
Your Accountant will go throught who, what ,where when you set it up.
Celeste
Hi Dr X
I am so glad they are OK.
After my husband died in 91 at the age of 36, I now believe more than ever that more time with lived ones makes one wealthier than lots of money.
Celeste
Hi ctaing
I am talking Perth – supposed to be a land shortage – tho looking on this shires development plan there is a heap still in planning stage yet to be developed.
Celeste
Hi mrehrnholm
Someone on this site had some for sale in camberfield have a look around the treads for the last 3 weeks about &75000.00 if I remember rightly.
Celeste
Hi Property WA
I rang the bro in law, he used Mr Thatch – he said happy with Gazebo but he is unorganised.
Apparently there are a few companies advertising at homebase wembly.
Other wise on Hepburn ave near cnr of Wanneroo rd ? suburb woodvale? there is one where you can buy a Kit for a 3m X 3m for $3500.00 – he thinks its called Mr Bali – you put it together your self – thatch roof / wood decking etc. said the fellow there very helpful.
celeste
Hi Pete
Have you had a quiet word with the other 2 owners or do the 2 you speak of own all the other 4 units.??
I am at a loss to why, all my properties at the moment are strata set ups, I could understand if they plan to do a major upgrade.
Maybe and this is just my suspicious mind, if they own the other properties, could they be getting other owners to increase the fund so eventually they get all the money to improve their own properties,
I guess they could if they owned all the properties.As far as I am aware you do not get the money you put in when you sell.
I would be contacting the relevant authorities to audit them, and check all is above board. If it bothers you that much.
Celeste
Note: This is just my suspicious mind, I have done the books for a few dodge operators.
Hi Property WA
My sister in law had a bali style. round with reed roof installes approx. $5000.00. Is that what you are after?
If so I will ring her and see where she got it.
Celeste
Hi all
I rang 1 when I had a property for sale, they didn’t even ring me back to say they had no one on the books looking for my type of property..
Not impressed. if they had, I may have rang them for my next – I didn’t. They may be more polite to buyers tho.
If they don’t have seller? I guess they check the real estate agents like we do.
My thoughts anyway, good luck.
Celeste
Celeste
Hi Pete
I noticed you are in great brittian, where is your property?
Find the relevant Gov’t legislation etc on strata’s and read them, get info on the managers responsibilities and your rights, how the councils work etc. In other words find out exactly what should be happening and how. – should be on the net somewhere.
You should have been given a copy of the Strata’s by-laws when you purchased the property – read this thoughly.
Go to meetings well informed.
Celeste
Hi all
Armadale boomed months ago, some properties tripled in price.
Just goes to show you, you need to do your own research as most info printed is old news.
Celeste
Hi Jaffasoft & Terryw
To Jaffasoft
I am not doing the whole course, just the modules I can do from home. I am pretty sure I can do settlements without the course, just wanted to check if there is anything they do that I am unaware of. I can go back and finish the course to get my licence, down side you need 2 years experience in a settlement agents office to qualify – yuk full time work.
The course is “financial services (conveyenacy)
TAFE has a web site with all their courses ” off campus” means you can do some or all of the course at home.
To Terryw
Law ! not that bored.
I have tossed around the idea of becoming a registered builder though. I will check it out further after the conveyance course.
I do not want to work normal full time hours. At school I always had arguements with the career officers, as I wanted to be either a stock broker or a commercial artist, apparently 1 is left side of brain and the other is right ( the majority of people use one or the other) I upset them by have straight A’s in accounting and Art . I have sat a test for this and I am the minority who use both sides and I use it equally.
So satisfying boths sides is difficult – property and reno’s together satisfies both – sorting finances and doing the reno’s – it offers mega retail therapy as well.
Boredom – I did not realise I would have so much time in between projects. Next year will be worse as my daughter starts full time school.
So my budgets are so fine tuned they squeak and now I am sourcing ways to lower costs that will keep me occupied. Also, I am still trying to stop my self from feeling guilty (I feel I should be doing something work / cleaning) when I am sitting around have lovely long coffees at the cafe – for which this change of job was all about – more quality time.
Oh no just had a phone call from the realestate agent – the tenant in my next project has been given the wrong date to vacate by, settlement going thru on time, vacant possession delayed. AH!
Oh well, thinl I go have a nice long hot bath (with some choccy) and feel guilty.
Celeste
Hi property wa
I just down loaded a few spread sheets etc from the site – search the threads, It was a thread for these types othings and it was in the last few days
if you can not find them drop me aline and I will send you a copy.
Celeste
Hi Rowan
I car park will add value – garage better the amount I do not know.
Ask a few REA in those areas, check sales in those area’s compare no carpark / car partk sale prices.
Try the real Estate institute site, or ask a friendly REA for them.
Celeste
Hi Jaffasoft
Add 3 bedrooms and it looks like my iIP in mandurah.
I just enrolled in TAFE, my course is conveyancy. I can do 5 of the modules off campus at home (they seem to be the ones on all the doc’d and procedures). Should be enough for me to do my own settlements. I can go and finish the course at a later date to get a licence. ( I need 2 years experience in an office to get licence – could be a problem)
I tossed around the idea of becoming a qualified builder, I worked on Raffles re-development as project manager for all the stone work bench tops – building sites are good fun (and not bad for a perv. – sorry guys) – I may do it later.
Any way the building sites you went sound great, I would love to have done that.
Excellent!![biggrin] Have fun.[biggrin]
Celeste
Hi La
Just thought of something else for you. I recently dropped into a conveyance firm re subdividing, just general questions on cost etc.
He told me in relation to a straight forward subdivision the following:
1. For his fee budget approx. $7000.00 – for all the paper work and surveys etc.(from start to approval – paper work side)
2. Head costs ( I think that’s what he called them?) ie connection of sewer / elec / demolition / water cross overs etc budget another
$ 18000.00Total from start to ready to build &/or sell $ 25000.00
I only went to 1 for an idea, it could be more or less I guess depending on their rates and different council’s requirements and any site problems.
I gives you a base figure anyway.
Celeste
