Thanks Bennido.

It sounds like the block your unit is in was originally on one title with one owner and then coverted to strata title in 86.

Regards,

Scott

Ahhh yes, the share market boom, they were crazy days. This thread takes me back…..

Every night in every city there were seminars – people flogging courses and technical analysis software. I remember in Bridge Street, Sydney, there was a day trading room where people could could rent a computer by the hour and day trade. It went well for a…[Read more]

Thanks Bennido. We thought about the franchising route, but we may have a better solution for rural properties. We’re working on it now (amidst the usual mayhem of tax season).

The council can’t shed any light on the construction start date of your unit? If the strata title is dated 10/9/86, you’d have to be in with a chance.

We tend to find…[Read more]

Bennido,

That’s an accountant question. If you’re running a business from home and claiming a proportion of other costs I guess you could claim depreciation on part of the cost of the new kitchen.

Julia (Bantacs) will be able to provide the definitive answer.

Once we’ve done a Tax Depreciation Schedule for somone, we never know what method investors (or tbeir accountants) end up using. All Schedules should provide both methods so you’ve got the choice.
The building depreciates at a consistent 2.5% (or 4%)pa.
It’s the assets where you have a choice.
I believe once you start using one method, you can’t…[Read more]

It’s a bit more than $440.

We do something similar for remote jobs, but it’s an informal system. I’m still deciding whether (and how) to formalise it.

Where possible I believe that having a QS or an ‘appropriately qualified person’ carry out an inspection is best practice. Most accountants we deal with have a similar view.

I spoke to a member…[Read more]

Thanks for the endorsement, agent smith.

I had a meeting with the front end gang this morning and passed on your comment. We do lots of Schedules every month (especially at this time of year) and we have 4-5 people who just field calls and manage jobs etc. They do a great job. And at times it’s tough – on every job there is a landlord involved,…[Read more]

Yep, 2.5% unfortunately. Unless you can rent it out for a while and claim anything as a legitimate repair.
Scott

QSs are very thin on the ground in regional centres. Sometimes you’ll find one who has opted for a ‘seachange’. Of course, you don’t have to use a QS. There are a number of people with appropriate qualifications to estimate construction costs. For example, Estimators are fine. As are a Clerk of Works. Sometimes in country towns it’s possible to…[Read more]

Like Yack, I’ve got a property with a tenant who pays below market rent. But it’s a property with consistent growth (Sydney). The tenant has been there for years and lets me know (via the PM) whenever there is a problem. It’s a -cf property, so the fact that with the current tenant it’s even more -cf is incidental.

Hi Orion,

These questions are probably better answered by an accountant (I’m sure Julia will leap in soon), but I’ll have a stab at them.

1. If you’ve been depreciating that dishwasher for 5 years, it will have a written down value. I presume if you sell it for more than this, you have made a profit. If you sell it for less than this, you have…[Read more]

Can you add anything to the property to compensate for a rent rise, bearing in mind whatever you add will be claimable?

I had to get my PPOR valued recently and it came in $100K over what I (and a local agent) estimated its value at. My bank ordered the val.

The good thing about getting your PPOR valued is that you’re invariably there to meet the valuer.

I was terribly nice to the valuer (and he of course knew I was being terribly nice).

I provided him with a…[Read more]

Misty,
If it’s a new house, the paint would be part of the building cost i.e. depreciable at 2.5%.

Wayne,
It’s tricky. Have a look at the first thread in the Accounting forum on paint. It’s the same issue and a couple of accountants responded.

Madinvestor, this suggestion may not apply to you, but it will to some other readers.

There are some astute investors who have a great way of coping with those unexpected repair bills.

They calculate roughly how much their depreciation claim will return them in cash, and keep that amount in reserve (remember it’s a non cash deduction) so they…[Read more]

I think I’m the winner!

My Tasmanian PM charges 9.5%. (No charges for inspection reports, though).

And I would gladly pay her more than 9.5%.

I had another PM previously who charged 7%. And after 3 months they managed to get one tenant in my block of 6 flats.

I swicthed PMs. My current PM had the other 5 flats leased within a month. And…[Read more]

Thanks Julia.

I might add that I’m not about to start wrapping, but the question was asked by one of our clients and I promised to look into it.

In Trading Post you’ll also find whole, cheap kitchens. They’re usually ones that are in properties about to be renovated and often they’re reasonably new. The cupboards, benchtops and appliances are generally available. You invariably have to dismantle yourself. The aim is to look for a kitchen larger than the space you have to fill so that you…[Read more]

Try:

http://www.businessforsale.com.au

They also have a magazine – Business for Sale.

There are hundreds of businesses in there – everything you could possible imagine (and plenty you couldn’t). Lots would have properties attached.

Scott