wafti123 wrote:
the fact that tax benefits aren't that huge

Its not all about tax benefits – if your tax benefits have declined/disappeared all it means is the property is closer to paying for itself. Any tax savings should be considered as icing on the cake and not the cake itself. If tax savings are an issue – go out and buy another property.

wafti123 wrote:
can you claim the cost of replacing a fridge in a rental?

Any residual value of the 'old' fridge can be claimed against income. The new fridge becomes depreciable according to the relevant section of the ATOs depreciation schedules.

rich_99 wrote:
1) source new properties, 2) provide ongoing management of propertyAre these deductible against rental income?

1. Capital cost used to offset any CGT liabilities.2. Deductible – but questions may be asked if you claim a truck load of travel expenses and have a property manager.

Edge3183 wrote:
My questions:1) If we move into my parents, does our current property qualify as an IP immediately after we move out (ie – so we can claim the interest as a tax deduction from the start of April?). 2) If the answer to 1) is yes, how do we prove that we have moved out? Is a mail-redirection enough? Because we will only be at my p…[Read more]

First thing to do is to unhinge the ownership of the property you own with your friend. The mixed ownership means you both will need the permission of the other before you can borrow any more money when this property is used for security for a loan. Once this has been done, and you have sufficient deposit either in cash or equity or a combination…[Read more]

Not an accountant so disclaimer applies.Tools would only be deductible if they were considered oart of your business. If your property investment qualified as a business then you may be able to claim tools. If you are like most people and your property investment is sufficient to be classified as a business then the answer would be no.Even if you…[Read more]

The process of receiving early tax deductions is in place under section 15.15 of the tax act. If you know your situation and are handy with a calculator pretty easy to do. Have been completing these for 10 yrs. Necessary form for wage earners http://www.ato.gov.au/individuals/content.asp?doc=/content/00188348.htm Self employed and income from…[Read more]

HI Ramayne,Ducksters a numbers look pretty close to the mark so I reckon you could 'run' with those. As for refinancing and looking at number 2 V paying down overdraft.I think you have just had a major fright with cashflow and your first post suggests the property is yet to be rented (it should etc etc) under these circumstances I would try and do…[Read more]

Stamp duty is payable to the state government the property is located in. Some states also charge stamp duty on the loan. Two different duties depending on where you are. At tops only one of each to pay.

Fully wrote:
1. At the moment I'm thinking of starting with a cheap unit/apartment (<$200-$250k) with decent rental returns, CG, then hopefully buying a second one in say 6 months time, a third 6 months later and a fourth 6 months after that using the equity in the first properties and the cash I'll earn in that time. Ambitious yes but I have a…[Read more]

Suggest you re-read Steve's book. The 11 sec rule was not the 'be all' and 'end all' of property selection. I clearly remember 6 years ago people coming on here thinking about buying property in Bogabilla (for goodness sake) only because it met the 11 sec rule. The 11 sec rule is the easy to do part – the harder part is finding a good property…[Read more]

Building 4 props and not 2 means greater risk for builder. Seems builder is carrying all the risk here – at minimum they would want/demand a higher purchase price to mitigate the risk they carry. Builders want full progress payments made during construction (standard practice) so their materials & wages bills are paid on time.  

propertybee wrote:
My offer to purchase an established residential property has been accepted yesterday and I understand that the cooling off period here in WA is 5 business days from day of acceptance? which in my case starts tomorrow,;  and the property and pest inspection report has to be done within this 5 day period.   …[Read more]

propertybee wrote:
I understand that the cooling off period here in WA is 5 business days from day of acceptance? the property and pest inspection report has to be done within this 5 day period. 

If the form you have signed is the 810 then you are now 'live' – there is no cooling off period in WA.I am not sure who was advising you on your…[Read more]

tigermiger wrote:
API magazine for March as part of the '20  Hotspots primed to benifit from major infrasturcture projects'. Various comments made by Terry Ryder:

This is the same guy who listed Merredin as the next hot spot ~12months ago. Needs more of a recommendation than an API magazine article.

Know the legislation as it applies to your state better than the back of your hand. It is highly likely you may need a license if you are being paid for your endeavours.Reading your post – it would seems as you have a lot of learning to do. Are you sure this (managing another person's property) is what you really want to do?

Geez Jamie – no wonder you are still working. You keep knockin' back these offers too good to refuse.

Poorly written clauses can cause real issues. You need to go back and read, word by word what the 'inspection' clause says as this seems to be your 'out' – for some reason the vendor hasn't accepted the out you are using.  I suspect the clause wording was clumsy.

Yep and the new purchase takes you to 87%.

Hi Intrigue,Yep – LVR on the home is 80%. I have ignored any offset as the bank only look at limits when determining levels of security.In my opinion and in general terms 80% is OK. If we fast forward and imagine you are able to achieve what you want – buy the $250K property at 95% LVR.This will significantly change your overall LVR as you have a…[Read more]