Forum Replies Created
http://www.realestate.com.au/cgi-bin/rsearch?a=bhp&t=rur
http://www.rural-real-estate-guide.com/
Just to start you off.
Is there any chance that I can persuade anyone to stop quoting / repeating the post above in total each time? It should be enough to either address the poster you're answering or at least just quote the relevant bit if necessary. It's easy to delete the unwanted bits from the quote.
Such a waste of resources.
Elka
Great news. You're nearly ready to open the champaign bottle.
Totally agree with raddles re lease.
Congratulations
ElkaAs you will see in the link below you are definitely in Caulfied despite the confusion of some REA and even Melways index ( the book not the online site)
http://www.id.com.au/profile/Default.aspx?id=133&pg=101&gid=130&type=enum
Thank you for your kind offer re sugar and eggs but since I actually live OS now it's a little too far to travel
BTW the city council site is worth an explore. Lots of good demographic data.
Yes I still expect the prices to double every 7 – 10 years in this area.
Cheers
ElkaHello mrproperty
That's assuming the $30K your talking about is net profit?.
If you think you can sell the place for $30K more than you paid for it then you're talking about gross profit.
From this you need to deduct the buying and selling costs (including stamp duty) and then add this amount to your normal income. As Scott said, you will then pay tax on this at your top rate.Always good if you can reduce your normal income for the year by, for example, prepaying interest on another investment loan you may have or contributing extra to your super. Even though you lose the use of it except within super for many years at least that way you will see it again one day instead of it disappearing for ever into the coffers of the ATO. Your accountant should be able to help you here.
However, I have 3 properties in Caulfield and Caulfield Nth so am familiar with the prices. I think SD will eat away a lot if not all of that $30K. Do your figures carefully as I am not sure you will make enough to make it worth while.
Caulfield is a good area and should continue to have good CG in the long term.
May I ask what you bought, where and for how much.
Of cause if you'd rather not say, no problem.Cheers
ElkaHello Kate
Thank you for taking the time to give me such a comprehensive answer. Much appreciated.
No the advisor did not put any $ figures on any value adding he thought he could suggest but basically summarized what we had discussed at out meeting. To be fair however I had given him a "wish list" including a minimum net retirement income that I wanted to achieve.
Basically the scope of the advice would include how to use super to get the best tax effective strategy that also meets my aims, recommend an asset allocation strategy both in and outside super including looking at my current assets, recommend specific investments again both in and out of super and do projections. Also a review of my existing super fund outlining it's pros and cons. This is just my laymans summary of a much longer letter outlining the scope of the advise I would receive.
As you say it all depends on the competence of the advisor. As I said in my first post I did go to an advisor about 18 months ago. His sole recommendation was to keep contributing enough deductible super to wipe out my tax bill each year and gave me projections to show how this would improve my financial situation. He only charged me for time spent and stated clearly what commissions he gets. However recently I spent half an hour on the phone with him persuading him that since I live OS and only have about 4 years left to be able to contribute to super (you do the maths
) since I have no way of meeting the minimum employment requirement wasn't it a good idea to at least slowly transfer my share portfolio into super even as non deductible contributions. I am not aware of any disadvantage of keeping shares within a super fund (except the 0.4% commission at Asgard) seeing as these are not shares I trade. One immediate advantage should be that the tax credits wouldn't be wasted and that I won't need to pay income tax here on the dividends. Anyway this is just one of the things that gave me the idea that he had not spent enough time thinking about his advice which is the reason I went to a second advisor I guess I was just surprised at the difference in price originally.
Again thank you for your post.
Elkav8ghia wrote:hey Elkam. Yes.. No.Hello v8ghia
Sorry but that post has gone over my head.
Any more clues?Cheers
Elka
) since I have no way of meeting the minimum employment requirement wasn't it a good idea to at least slowly transfer my share portfolio into super even as non deductible contributions. I am not aware of any disadvantage of keeping shares within a super fund (except the 0.4% commission at Asgard) seeing as these are not shares I trade. One immediate advantage should be that the tax credits wouldn't be wasted and that I won't need to pay income tax here on the dividends. Anyway this is just one of the things that gave me the idea that he had not spent enough time thinking about his advice which is the reason I went to a second advisor 
