Not being an expert on Qld duty but the FAQ section of theOSR website on duties has the following example:– Does the Duties Act 2001 allow a refund of duty paid on the purchase of vacant land when a person's principal residence (not being their first home) is subsequently built on that land? No. Duty is assessed based on the circumstances at the…[Read more]

So you want to build on your Dad's land which means any building improvements automatically become his.  You need to sort out ownership structure earlier rather than later.If you build and ownrship of one is transferred will that mean there is a GST liability?  Something you will need to check.Is the land zoned for multiple dwellings?Your friend h…[Read more]

You haven't stated which state or territory you are in.  In NSW it is quite common for pipes such as sewer mains to go through land without an easement showing on the title.  For my PPOR we have a sewer main running at the rear of our property.  No easement is registered on the title nor is there any reference to it on the title.I would suggest yo…[Read more]

How much other property is being developed and will hit the market before yours or at the same time?  what are other sales like in the area?  You can make a lot or you can lose a lot. 

Try the Self Storage Association of Australia website for some information

Do you really want to get 34 rate assessments?  That's going to increase your operating costs considerably.

You don't say whether you have insurance.  If you have insurance you should refer this straightaway to your insurance company.

Freeing up cashflow by paying HECS isn't as easyas it seems eg if you paid $3000 off the HECs debt, you would not reduce your HECs payments by 10% as your annula hECS paymnets are determined by your income.  Are you looking at converting your hiome into an investment property at some time.  If you are then you should set up an offest account r…[Read more]

The important aspect is that the minutes show that the property has been purchased for the trust.  In NSW and Victoria from my experience the legal title is held in the name of the trustee without any reference to a trust.  It certainly used to be in NSW that if the contract of sale referred to ABC Pty Ltd as tustee for XYZ Trust that double sta…[Read more]

Geoff, you're registered for GST so that's fine.  Wayne is not registeredIn the standard NSW contract the Vendor has to state whether it is a GST free supply or whether it is among other things the sale of a going concern.  The contract then says if the sale is of a going concern and the ATO serves a letter on the Vendor stating the Vendor has t…[Read more]

you will need to talk to a good accountant about the 'going concern' requirements.  You're not understanding.  Sell vacant property $450 plus $45K GST, you pay $45K to the ato from the GST recievd and keep $450K your buyer gets $45K back from ATO if he is registered for GST.  Net cost to buyer $450KSell tenanted property that qualifies as going co…[Read more]

If you register your net cost is $315000.  If you sell for $450000 plus GSt you make $135000 profit.  If you get the unit tenanted before you sell you should be able to sell it as a going concern and the Purchaser will not need to pay you the GST or pay stamp duty on the GST.  If it were me I'd register.  There may be arguments against but I can…[Read more]

A search on victor ollis on this site brings up some interesting readinghttps://www.propertyinvesting.com/forums/property-investing/general-property/6635

Do a google search

With all due sympathy to your friend of a friend, you have not described an investment strategy, but a lifestyle choice.  I am pleased that financially he can get out of it because of his employability.He has purchased and initially is paying $400.00 per week interest plus rates plus body corporate plus whatever for something that will return…[Read more]

Horses for courses.  I'd want a design where kids didn't need to access bathroom at night by having to wander through the family area.  Look at what's attractive to buyers/renters where you want to build.  Also with an ageing population it's worth considering wider hallways, wheelchair access, and how easy it is to fit extra aids in ba…[Read more]

You would be able to get a graph on house prices and might need to insert your various events in it.  Possibly one that's adjusted for inflation might be more meaningful.

I remember someone saying to me a couple of years ago a company they had shares in had bad news.  They panicked and sold, but by the time they did prices had already dropped.  I think the company had recovered in its share price when they were talking to me a few weeks later.  At least with an IP you've got time to rethink selling once you put it…[Read more]

Don't confuse CGT and FHOG requirements.  FHOG requires 6 month's residence:" First home owners grantTo be eligible for the federal government’s First Home Owners Grant scheme you must be an Australian citizen or permanent resident and you (and your spouse / partner) must have not previously owned a home in Australia.  The grant amount varies fro…[Read more]

Sell the house and start a pension from your smsf while you are still working.  the pension would be used towards your interest payments.  Get some professional advice on setting this up