Forum Replies Created
Are you buying a motel to operate yourself or the freehold of a motel that is leased out and will continue to be leased out? Will either you or the SMSF need to borrow? does this fit within the investment strategy of the SMSF?
Did you get a survey done when you purchased the property? If so, what does that survey show?
If there is a shared driveway, is an easement registered on the title?
These are the first questions you need to get answered.
Qlds007 wrote:As Jac mentioned you do it by knowing the area inside out and if that means driving around for suburb hour after hour.
I would endorse what Richard is saying. Knowing the area means you can identify a bargain when you see it.
This was one policy which covered multiple properties
Is it feasible to combine all the properties on one insurance policy. I had a friend who did that several years ago and reduced his premiums substantially
If I were the Commissioner for Taxation I would probably look at an assets betterment assessment and let the Obeids argue they shouldn't be taxable, the onus would be on the Obeids
From a centrelink point of view it would be an asset and probably have a deemed income anyway
Normally the gain would be apportioned between the periods it was not being used as the PPOR and the time when it was subsequently the PPOR
Get professional advice, don't rely on a forum. I have shown in my previous post some of the issues you need to make sure your adviser considers. Your builder mate won't pay CGT, he will pay tax on his profits because he is a builder. You need to consider GST too on the sale
Yes. I would think the purpose of the legislation is to stop all argument about whether a landlord has mitigated the loss. I resigned a tenant to a long lease using that clause. It might take more than 4 weeks to relet, there will be costs incurred during the vacancy, but this clause means if I want I can do some renovation or advertise at a higher rent without having to consider whether I have lost any rights due to failure to mitigate.
No. However, if person A dies while the holiday house is his PPOR, the holiday house will be exempt under the CGT legislation.
From your posts this evening you are either doing an open book exam or you have an extremely complicated life. If the latter is your situation you need to simplify your life.
Possibly the person who wants to rent half would rent their half and it would be agreed the oth person could live in the house
Bear in mind that once the block "sold" to your builder mate will not be covered by your PPOR CGT exemption, so your cheap block could cost you money in tax. You need professional advice on how to set this up most effectively
The general principle is that a will can be changed anytime before the person making the will dies. Sometimes a person has entered a contract to leave their estate or part of it in a specific fashion, the courts would normally enforce that contract provided the contract is valid. In some instances a gift left in a will might not be valid eg a gift to a former spouse when the will is made before divorce. Generally wills made before marriage are revoked on marriage.
Only the person making the will needs to be involved.
As wills are State laws and not Commonwealth, there are differences between the States. If you do not leave anything or sufficient to a person you hold a moral duty to provide for the court can change your will after you die.
If you are the person who is making the will you should get legal advice. If you are enquiring for someone else and the likelihood is that you will be a beneficiary then that person should preferably not use your solicitor and you should not be present when they give instructions to the lawyer. The person needs normally to be 18 or over and units and what they are doing.
This is quite normal. There can be sound commercial reasons for doing this eg the potential to keep assets out of the operating business and out of the reach of creditors of the operating business.
Super is probably your best option. Unless you are self-employed you will probably need to salary sacrifice which means you need to plan ahead – no good signing a contract on 29 June and trying to start salary sacrifice then as you won’t have enough salary coming in to make a difference. Also any super contributions your employer makes are counted in the $25000 limit and the important thing to also remember is it is the date that super payments are made by your employer to the fund that is used not the date payments are deducted from your salary
If you moved into it as soon as possible after you settled and did not claim any other property as your PPOR and did not have a partner who had a Ppor then you probably will not have to pay Cgt
Your offset may be contaminated too eg if you invested $55K of the offset money, the ATO would probably not allow a connection with the redraw, but if it did then only 55/125ths of the investment interest would be deductible as the ATO would say you haen't invested borrowings, rather you have invested savings.
Hi Steve,
I admire any person who decides to set up in business. However, I think Freckle has made a number of valid points. To me as a prospective buyer unless I had read your post I would be unaware of ipostcodes. The agents are listing on your site because it is free, but their print advertising is going to direct people to their own website, not to ipostcodes.
Your initial concept of a website for your property and advertising the link was good, but in setting up in a much more generic way you have lost your uniqueness.
Normally, if it is a sale by the mortgagee (as opposed to being an informal mortgagee sale where the bank has told the owner to put it on the market) that sale will override any encumbrances or caveats registered on the title after the mortgage. If there is a surplus the mortgagee will need to account for it to the mortgagor or other encumbrances or if there are disputes pay it into court and let the other people argy bargy.
Get some advice from your solicitor.
