Forum Replies Created
The ATO often issue decision points to clarify some of their confusing rulings…which confuse people even further.
Me, I know nothin’!
But I know about the apportionments….I am skeptical, cynical…lol must be workign for the govt!
Cheers
Elves
I havent spoken to my friend about thier units yet.
As for my own project. In was going to build on a block of land. I asked two architects for plans, one cost 1800 the other 1000, for concepts and some searches on first.
Environmental issues, council restrictions, add further to costs. The costs were based on a three bedroom home with kitchen lounge and some balcony area, single story, around 250k to build, not including fittings!!! or fitouts.
ouch
sorry, im sure its legal, but gee looks like avoidance issues to me…sorry er structuring ones finances…to suit ones circumstances…[
]there is a big difference between 30% and 70%
and 99%…..It would be viewed as tokenism, a way of avoiding something……lets face it two peoples names on the legals, makes for interesting debt collections….
but then again, one person defaults….can you imagine the arguements over this one…sounds like trying to save something to me…..lol
[
]it is possible to have both
If you have spent your money, no point worrying, in time it should either increase re growth or mortgage reduces if P and I, and rent increases
You are paying out a lot, but I would expect that eventually things could work out for you. Not based on any knowledge of the area, but I dont see a whole lot going backwards….unless overpriced to begin. Inwhich case hang on to it would be my opinion.
Elves
I recently had a contract for a block of land I was selling InQLD.
The contract was being fought out by three people. All came in at one rpice then the prices varied as each knew others were interested. One went to 6 k above asking price.
I settled on one, not the highest. They wanted a longer contract. Most contracts are:
subject to pest and building reports
subject to: financeSome add in subject to all searches and certificates (as someone stated)
Some add in subject to partner approval. (this was on the contract they gave me to consider – and a date)
I have added clauses eg subject to “bricks” Fences” being fixed or built with certain colours.
buyer or seller doesnt have to accept your conditions
warning, subject to finance…I always put through my bank (names) because you can also leave yourself wide open, they maybe able to find you finance…..LOL at a higher amount.
oh adn soil tests!!! conditions.
SO, anythig goes really, but they dont need to accept. alwasy plenty of people to buy, or another porperty to catch….if not you can go back for second nibble, maybe for a cheaper price.
You can lose good deals this way too.
Elves
sayings
well, my penn’f worth, a clash of doctrines is not a disaster- it is an opportunity (unknown)
anyone who lives within his means suffers from a lack of imagination
a person who acquires knowledge without using it is like a farmer who sows but fails to reap.
ask and it shall be given you
seek and ye shall find
knock and it shall be opened unto you
for everyone that asketh, receiveth,
and to him that knocketh it shall be opened m7;7,8 (bible)The person who is afraid of taking risks joins of his own accord the society of failures
Sorry but I dont know the original sources, but they aren’t mine. (unless stated) more if you want em!
Elves
If you have any loan, any phone applications, mobiles yep or any credit card, store cards, and even licences, are on Baycorp. Thats the credit agency.
Now we know they are often wrong. Not up to date and you can view your file and have notations added (say you defaulted). On the basis on one default, this can be enough to stop any loan being granted. Often one phone company was notorious for this.
Howeer there were supposed ot be rules, that you cannot be listed as a defaulter unless they had passed a certain time frame, but I think that may have gone out the window.
Yes any bankruptcy issues are listed including when you were discharged, if this applies.
Your addresses are listed, your jobs etc. Including your companies and if you are a director…
If someone is such a bad risk, and I am making an assumption based on your line of questions, some lenders do loans for those with defaults, or low doc home loans…but you can bet the rates are a lot higher. Or you pay a brokerage fee….
As for overseas, yes I assume you would have to support any application with either savings and certainly income to be able to service the loan.
Australians with overseas incomes are required by the ATO to list those as foreign income, just a word of warning.
Elves
I asked my accountant ages ago about doing this, and he said not to bother. I asked my solicitor and he said ask my accountant!
Given I have a few things on the boil, I really feel a trust is a way of protecting, but also having a structure where you can bring others in and distribute the funds in such a way as to benefit everyone.
Mind you I am looking to change accountants, so I will wait until i have done that to change my structure.
On another issue though, while discussing my will (and the need to deal with property via a trust to be set up (grandkids benefit) I Was told to have the executor do that AFTER obviously my death. not that Im looking to cark it! I’m too far off my 50th! and I want a party this time.
does anyone really have the right answers?
Elves
I posted to the other thread. I havent tried it yet, good try though, anything that is easy to use and free?
elves
Hi there, I cant give you an answer yet
I get worried about unzipping things, you know re virus things.
As for being able to work it, dont knwo that either, and if I do have to download the 20mb file, i cant, I am on dialup and thats too big, kill my downloads and the server would kick me off before it has finished…
yikes.I dont think it is that clear cut is it? dont you have any capital losses? is that a true profit? All those legals and things when you bought the place initially are considered at time of sale. (costs)
how many duplicate posts? Wasnt this one the other day too?
architects cost a lot of money and dont necessarily do what you want either.
Elvesyes
but hope no
I bought posh standard version but havent used it yet
and maus stockmarket plus for the oither side of thingsI am not going to comment as such on what you should do or not. I am going to say this, far too many people depend on a government benefit and become trapped by that.
Now you say your wife booed the idea. What she is looking at is some income security and the loss she thinks. Centrelink benefits are there for those that are perhaps earning less of an income than others for whatever reason.
I am neither condoning or disapproving of someones opinions or reasoning regarding centrelink.
I find people are fixated in this unnatural beleif that they are losing something. In some cases this is not so. Its called the poverty trap.
You see some possibilities, I think she is just scared of the debt you are about to go into and the supposed ‘loss’. You are more fortunate than many, at least you are no longer paying off a loan, but hey, you could be using that money/equity to acheive other possibles and at very little cost.
I beleive your wife needs reassuring, the figures will probably mean nothing at the end of the day, when all she can see is those dollars no longer coming in, and a new mortage to take care of. Security.
Unless she can be convinced she will always cling to the benefits.
On another level, the reaosn so many people get into trouble with centrelink payments are because they have two methods for calculating, one is called disbursement and the other…well I cant recall. People have to tell centrelink (for family benefits) that their income will be X for the year the benefit will be worked out accordingly, or they can wait until the end of the financial year and then centrelink re evaluates, and in many cases you end up paying them back money.
do the sums, but dont let that stop you progressing, there is more to life than a few government dollars in this way…..get it another way.
Elves
my bank manager sent me the valuations, but i have a good rapport
however they use one that is known to RE agents for being toough on the valuations.
The bank will usually give you three months afterwhich they want a new valuatiosn,well that was in my case anyway
Oh I have goals and I am focused, but you also have to learn flexibility and not be dogmatic or pedantic at times…its about going with the flow if need be.
self preservation, you can work so focussed that you cant see the wood for the trees as they say, and you know what, life and family pass you by.dont get so fooled by the so called desires for money. because it is a cold comfort when you have lost your contacts of the human kind.
money is a means to an end, let it work for you, not you for it.
elves
there was a property guide in one of the nsw papers today, i forgot to get it, but then on second thoughts, i dont buy papers…sorta depressing news all the time. Yesteredays news…
eloves
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