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Dram
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@dram
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Post Count: 82
July 9, 2003 - 12:52 am
As far as I’m aware, you will incur Stamp Duty whenever you change ownership of a property.
Cheers
Dram
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@dram
Join Date: 2003
Post Count: 82
July 8, 2003 - 1:48 pm
Hi,
I don’t personally use them, but I’ve heard (read) plenty of good things (on this forum)about Gatherum-Goss & Assoc.
http://www.gatherumgoss.com/
Also, there are plenty of people here with a lot of investing experinece. What are your questions? Someone may know the answer.
Dram
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@dram
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Post Count: 82
July 8, 2003 - 1:13 pm
I’m no tax guru, but I found this on the ATO site…
http://www.ato.gov.au/content/individuals/downloads/NAT1729-03.pdf
Has the property been rented since you bought it? If not, and the repairs are to bring the property up to an acceptable standard to generate income, then it appears there is no deduction. Instead it could be a capital cost which you could depreciate.
Cheers

Edit
Here’s a bit more info…
http://www.ato.gov.au/content.asp?doc=/content/Individuals/31258.htm&page=1#P187_17695
The following link is to Tax Ruling 97/23: Income Tax – Deductions for Repairs. Check out Example 13 at Para 177.
http://law.ato.gov.au/pdf/tr97-23.pdf
Cheers
Dram
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@dram
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Post Count: 82
July 8, 2003 - 9:04 am
Thanks David, that’s my thoughts too.
Sorry i should have said…there are 12 in the block.
Dram
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@dram
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Post Count: 82
July 8, 2003 - 8:44 am
Hi,
I found another post that should answer you questions…
https://www.propertyinvesting.com/forum/topic.asp?TOPIC_ID=585
Cheers
Dram
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@dram
Join Date: 2003
Post Count: 82
July 7, 2003 - 6:47 am
Hi,
I found some info as below….
Eligibility
“You must occupy the home for which the grant is claimed as your principal place of residence within one year after the eligible transaction for the home is completed”
The following Qld government site has some good info (not sure if it only applies to QLD though??)
http://www.osr.qld.gov.au/gas/fhog/faq_residency.htm
From the site….
How long must I reside in the property to establish it is, or will be my principal place of residence?
There is no minimum period that you are required to live in the property to maintain your grant eligibility, however, the onus is on the applicant(s) to prove that they have lived in the property as their principal place of residence, if requested by the Office of State Revenue.
And…
Is it possible to rent the home out before I move in?You may rent out the property before you move in, provided that you occupy the home as your principal place of residence within the specified 12 months.
I assume rent before or after you move in would be allowed. As long as you occupy the property as per the guidelines. Best to check though…
http://www.firsthome.gov.au/
Hope this helps.
Cheers.
Dram
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@dram
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Post Count: 82
July 7, 2003 - 6:22 am
Hi,
I’ve downloaded the ez-rent program. It’s a very nice application, simple to use with good instructions.
Cheers.
Dram
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@dram
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Post Count: 82
July 4, 2003 - 7:33 am
Because it would be new it has not depreciated. So can’t claim anything until next year. As I understand it, even if you had bought the A/C on 29 Jun, you would only be able to claim 1 day worth of depreciation.
Someone please correct me if I’m wrong.
Cheers.
Dram
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@dram
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Post Count: 82
July 4, 2003 - 6:45 am
Hi,
New A/c unit? It’s my understanding that you claim the depreciation on the previous year. So, buy the A/C now and this time next year claim depreciation.
What’s the 15-15 Thing[?]
Cheers.
Dram
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@dram
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Post Count: 82
July 3, 2003 - 10:38 am
Hi Maximus,
I can offer a comment from my limited experience.
I assume you still have a mortgage over the IP? If so then the loan would cease to be an Investment loan and revert to the standard mortgage…ie interest rate change (maybe), no tax deductions, etc, etc.
If not, then all for the better.
If I’m telling you to suck eggs then I’m a bit of a [:0)]!! [][]
BTW Terry is a Guru! He kindly helped me out assesing my Borrowing Capacity. Thanks Terry!
Dram
Dram
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@dram
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June 30, 2003 - 2:08 am
No seminar in Darwin. []
How typical! [!]
Dram
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June 19, 2003 - 5:09 am
Hi Smirkyy,
I’m far from the expert, but $150k = 2 * $75k deposits. Would make a great deposit on a PPOR AND and IP.
Cheers
Dram
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@dram
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June 19, 2003 - 5:03 am
Hi
New Investor
Yes, search under Hunter Valley. Or you could try the suburbs….lower Hunter area: Maitland, Cessnock, Kurri Kurri are the major centers (outside Newcastle)….upper Hunter area: Singleton or Muswellbrook (coal mines and power stations are primary industry). Make sure you tick the ‘include surrounding suburbs’ so you can see them all (there is a lot!)
Walkernick
I have to agree with you, I am originally from Maitland and I can’t believe the growth in housing values in the area. 5 years ago we sold our house (4bed, rumpus room, large yard) for $200k. It is now worth close to $300k! (I rang a RE agent and asked). I have been looking around the area for a good value property, and while there are many excellent properties available, I haven’t yet found a +ve cash flow one.
I really believe it’s proximity to Sydney (Freeway completion) and high prices in Newcastle/Central Coast is driving prices through the roof.
Cheers
Dram
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@dram
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Post Count: 82
June 19, 2003 - 4:49 am
Hunter Valley = God’s Country!! []
Oh how I miss it! []
Dram
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@dram
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June 18, 2003 - 10:16 pm
Hi Becky,
That’s fantastic. Great work.
Dram
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@dram
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June 16, 2003 - 10:54 pm
Hi amni23,
There is some info on Wraps on this site, try here….
https://www.propertyinvesting.com/strategies/wraps
Or check out the forum ….
https://www.propertyinvesting.com/forum/forum.asp?FORUM_ID=13
Hope this helps.
Cheers
Dram
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@dram
Join Date: 2003
Post Count: 82
June 16, 2003 - 1:09 am
Gas deal was signed off yesterday.
Dram
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@dram
Join Date: 2003
Post Count: 82
June 15, 2003 - 11:05 am
Hi All.
For anyone interested in the Darwin market, the proposed LNG Plant was officially signed off today. Construction of the plant is expected to commence immediately.
Story from the NT News….
http://ntnews.news.com.au/common/story_page/0,7034,6598910%255E13569,00.html
Cheers.
Dram
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@dram
Join Date: 2003
Post Count: 82
June 14, 2003 - 1:11 pm
Hi All. Good topic.
Insurance….what do I need?
I have building insurance, which is covered through the body corp. But what about Landlords insurance? What is it all about?
Thanks
Dram
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@dram
Join Date: 2003
Post Count: 82
June 14, 2003 - 10:36 am
Oops! The first one is Darwin the other Brisbane.
As for my master plan? Ah, well….
I’m 32, earning a reasonable wage, married with 3 kids. I have had my first IP for just over 12 months now and built up about $30k in equity.
I would like to build up a reasonably sized property portfolio to use as a retirement nest egg and maybe retire early. (Don’t we all!)
My plan? To do this I’m not sure how many properties I will need, just thought that each year I would look at the finances and if I found the right property, invest again.
Not much of a plan I know. I don’t know whether to build up a number of lower priced properties at around $100k range, (the first IP cost $110k) say 3 or 4, before moving into the higher priced properties. I’m hoping some of you good people might be able to give me some direction.
Cheers!