Hi ptn

I am no accountant but having been to a “Land Tax, The new Regime” lecture held by my accountants office recently, while on a flying visit to Oz to see my family, I will try and answer your last post.

Firstly, if you currently have a DT holding property I suggest that you get in touch with your accountant URGENTLY. Actually he should have…[Read more]

Thank you everyone for your reponses at last. [exhappy]

For those who haven’t found it here is a link to the thread that you where refering to Dazzling.

https://www.propertyinvesting.com/forum/topic/19858.html?SearchTerms=land,tax

I am still mulling over it. [confused2]

Be well
Elka

Hello ptn.

Glad to hear from someone. [smiling]

I have also been checking this post eagerly and I’m surprised …… and disappointed.

After 6 days, not only is yours the only post, but relatively few people have even read the topic.

Is this because :-

1. Land tax is a dirty word (or 2) on this forum?. [blush2]
2. Everyone has put it i…[Read more]

[
Yes you are correct, the contract is subject to finance, building and pest inspections. The settlement agent takes care of the conveyancing from what I gather. The contract of sale will be forwarded to us on Tuesday to be submitted to the bank. I’m just unsure at what point we sign the contract …

I’m guessing we sign after the building and…[Read more]

Hello FBH

Is your sales contract subjest to finance and building and pest inspection or only finace. If it’s only subject to finance and you are unsure of the state of the property, you may want to have the inspection done asap so that you can maybe influence the loan application if you find the property is not up to standard. [whistle]
Not…[Read more]

Thanks Cata. When you put it like that it seems obvious. [blush2]

So DT’s are the only way to go ?… except for the hefty land tax surcharge in Vict? Any other options available?

Elka

Thank you Audrey for your reply. However I have to agree with Qlds007. I don’t see the point of a honeymoon period myself unless your really tight for cash and need that little bit extra to help pay for some of the expenses of buying and then moving to a new house.

Richard do you have the name of a lender who allows you to have a 100% offset…[Read more]

Hello Qlds007

I didn’t know that. Thank you for the info. Can you give me a clue as to who provides this in Melb?

My niece is looking to buy herself a place to live in and is asking me which loan she should take out. I was thinking that 3 yr fixed and then variable might be the way to go.

Would value your opinion.
Elka

Hello BillyT

I came across this the other day. It’s basic but interesting. There is also a seminar being held entitled “How to get started in Commercial property” . Not at all expensive ca$56 I think.

http://www.propertyupdate.com.au/articles/49/1/Residential-Or-Commercial—Which-is-right-for-you%3F

Hope this helps
Elka

I don’t know if this hypothatical loan is in fact a reality already but if not or if the facility expists in the loan, you might want to think about an offset account instead.

That way you could put both pay packets into this account and each dollar that stays there, even for a few days, saves you interest (assuming variable loan).

Cheers
Elka

Hello Snowflake.

Do it now, before you have new tenants.

Firstly it’s unreasonable to expect the tenant to live with a renovation mess and secondly you will be able to get a better rental after the reno.

As it’s an investment property it doesn’t matter whether there is a tenant in place or not at the time of the repair/reno. as far as tax…[Read more]

Thank you for your answer Cata.

I assume you don’t own property in Victoria Cata because if you did you’d know about the new law. It’s savage. [grrr]

For a DT, you get a one time chance to nominate one of the beneficiaries as being responsible to pay the land tax for property held by the trust. This is then aggregated to any property this…[Read more]

Hello Trust Gurus

Yes, I know that I need to seek professional advise but since some of you are more clued up than most professionals, I thought I’d go to the source. [biggrin]

I have a family DT and a company which is trustee (I’m a director of this company ). If I wanted to set up another DT to hold other IP’s would it be nescessary/safer to…[Read more]

Hi Again

I would have liked to delete the post above but can’t work out how yet. Still very new.[confused2]

I just had a quick look at the Bureau of Stats data about the area and have decided it would not be worth looking into any further as the property would be next to impossible to sell if anything went wrong with the wrap.

I don’t want to…[Read more]

Hello Nedkelly

You might find this a help. I’d still advise you to check with an accountant before you do anything else.

http://www.ato.gov.au/individuals/content.asp?doc=/content/cgt_guide.htm&page=14

Hi All

I found this on the link below. It actually looks like a rather nice house which the owner seems to be selling out of necessity rather than desire. My first thought was whether the owner would be interested in a wrap.

I live overseas and can’t do the work right now but thought maybe someone on this site may be interested.

Seems like…[Read more]

Hello Kiwi

Thank you for taking the time to answer. I will look into the programs you mentioned.

I guess it was not so basic after all[rolleyesanim]

Hi Zoe

I had to chuckle when I saw your post. Except for the suburbs you named it could have been my niece posting. She is also in Melbourne and I am trying to help her buy her first appartment long distance.

I will say the same thing to you as I would say to her regarding some of your questions. Just my opinions.

1. Body corperate fees. Yes,…[Read more]

Hello Allymac

If I understand you correctly you have signed a sales contract in “your name or nominee” so at settlement it’s possible for you to supply whichever name (s) you want without any problems re sales tax. Correct me someone if I am wrong please.

It seems to me that if you buy using 3 names then the profits are divided by 3 for…[Read more]