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I think (please correct me anybody)
If you own a company and are of mature years, you can :
sell your property
contibute lump to super on behalf of an employee (yourself)equivalent to Cg amount
pay 15% tax on contibution
avoid CGT
Collect when you are 55 subject to a maze of conditions
[blink]Giddo
http://www.standrewsplace.com.auKNOWLEDGE IS POWER
[medieval]
Great post Calvin.
Methinks the folks are well meaning but may from the old country or at least thinking old I’d say.
Zyleth it sounds like there are 2 conflicting agendas here. The folks are angling to keep you in OZ while you want your cake and eat it too! (sounds like myself)
Is my radar working here or am I way off? Am I being too blunt about the family dynamics? Or too wayyyy wrong perhaps…..[ohno2]Giddo
http://www.standrewsplace.com.auKNOWLEDGE IS POWER
Wish I could help.Richard mentioned the 18% gross figure. I don’t know how he achieves it really. I can only get 12.7% gross out of mine. I am hands on (short stay units)and pay myself a small wage out of this and most of the rest goes to the bank in interest!
I too would like to know about the 18%.
How about it Richard? Do any capital gain fries come free with that 18% hamburger?? Or is the income hamburger satisfying enough?Giddo
http://www.standrewsplace.com.auKNOWLEDGE IS POWER
Hey John, I guess you must live nearby then.
Local knowledge is always valuable.
Do you reckon you can break even after costs?
Maybe you should consider a 18 percenter in the deep north???Giddo
http://www.standrewsplace.com.auKNOWLEDGE IS POWER
52$k nett or gross before costs of management etc??
Newish building or older?Giddo
http://www.standrewsplace.com.auKNOWLEDGE IS POWER
gees Len I think I am just feeling unmotivated at the moment and reckon it it is easier to pick up 10-15% for doing nothing but waiting, than to going thru the uncertainty etc.
Sounds like you have a handle on what you are doing though.I have seen your name on this forum before and you are probably a more experienced investor than yours truly.
CGT – 50% discount if in your own name I think.
Your tax rate when you sell will determine CGT. Have a lazy year when you sell.
So much to think about eh??!Giddo
http://www.standrewsplace.com.auKNOWLEDGE IS POWER
Hi Len,
You asked to be swatted.
What is your aim? To build and sell?
How much can you make? 20% ??
Where I am, I will probably pick up 10 % over the next 18 months just by waiting for the market to drop.
There you are – that was my best shot!Giddo
http://www.standrewsplace.com.auKNOWLEDGE IS POWER
Sounds a bit like he was trying to pique your interest by introducing some competition into the equation.
Backfired eh??Giddo
http://www.standrewsplace.com.auKNOWLEDGE IS POWER
About to make an offer on a house.
Not selling any of my existing props.Giddo
http://www.standrewsplace.com.auKNOWLEDGE IS POWER
Perhaps your Trust or some other entity could transfer $$$ into company acc as a loan. Then the co could pay its bills until it gets an income.
Giddo
http://www.standrewsplace.com.auKNOWLEDGE IS POWER
Hello toowoomba1,
By the way I am also in Toowoomba.
A coupla ideas – if the car is bought by the co the expenses will be deductable to the extent that it is used for company business.
You need to do a logbook for 3 months and keep it to apportion the split between co and private use.
If you just use the car to inspect your existing props and search for new ones and the occasional run to the PO you may have difficulty in convincing the ATO that you are actually running a business and consequently able to use as a deduction.
Having a PO box may assist sometimes.
Accountants will know more than I.Giddo
http://www.standrewsplace.com.auKNOWLEDGE IS POWER
Hello all,
You may be able to pay a young (13-16) family member if they were helping with the reno and if they earn less than 6k for the year they pay no tax. Just a thought. Certainly not advice.Giddo
http://www.standrewsplace.com.auKNOWLEDGE IS POWER
Hi Cabo,
I concur with the comment about financing more than 3 on a block. I financed 2 lots of 3 but they were on 2 blocks adjacent.
I built them and had them done ready to strata title if necessary; but i left them as flats.
i.e. one title. (2 titles adjacent in my case)This has saved me a lot of rates so far.I am not sure if there are other DISadvantages with what I did. I was looking at the rates.
Any body else?
Giddo
http://www.standrewsplace.com.auKNOWLEDGE IS POWER
Hi Wayne,
This isn’t the answer you wish to hear, but I am only half joking.
I reckon COLOURBOND steel would be the best.
This has been confirmed in my mind since seeing the wrecked roofs on the news due to recent hail storms. They all seemed to be tiled ones.Concrete or Clay – sorry do not know.
Giddo
http://www.standrewsplace.com.auKNOWLEDGE IS POWER
Hi Richard
A comment you made in your reply interests me. Do you mean that assetts held in the name of a company in Qld will attract no stamp duty on sale if you sell the whole company.
Does CGT still apply??Giddo
http://www.standrewsplace.com.auKNOWLEDGE IS POWER
Hi all,
Interesting topic.I can pay interest on, and thereby control – an investment of say $2 m.
Hopefully, if the investment rises in value at the stated 4 % pa; then overtime I am earning $80,000 per annum before CGT etc.
If I can do this CF neutral then I reckon I am ahead.
Any one contest or comment on this??
I don’t think many people borrow a heap to invest in super?Giddo
http://www.standrewsplace.com.auKNOWLEDGE IS POWER
Hi Pete and Jackie,
We are with CCF (Christian Childrens Fund) and they guarantee that 80 percent of the funds donated make it to the family/community/child that is sponsored.
They have been v good we can write and our sponsored child Annie writes back and so does her family (who all benefit through our donation of $365 per year. I thoroughly recomend sponsoring a child. It is nice to be sure that another human being (and their family) has benefited greatly through my actual existence in the world. I don’t think I could promote that much benefit closer to home because we all have so much in comparison.Giddo
http://www.standrewsplace.com.auKNOWLEDGE IS POWER
regarding your idea of getting people to direct xmas present money to a less fortunate child Dr X,
We tried something like this 4 years back. Unfortunately some relatives didn’t understand really and thought we were suffering from a “holier than thou” complex.
This sort of thing is the right thing to do – but I found a lot of people get tangled up with their own guilt feelings and are unable to do it without becoming resentful toward the person suggesting it.
At the time we suggested that families not buy each other a heap od krapola each christmas instead buying one modest item for the whole of each family. We then told the others we would be setting the example of buying less for everyone and spending the savings on a sponsored child.
We still sponsor the five year old girl in Honduras and are happy to. It is a great thing for us.
But Christmasas have regressed back to krapfests I am afraid.
It was all too much for some to cope with. They looovvvee their krap! Hope your family is different.Giddo
http://www.standrewsplace.com.auKNOWLEDGE IS POWER
HEAR HEAr Richard,
Great to see the Cowboys going so well. I wonder if Grahjam Murray can keep them on track again next week. Good chance I think.
Giddo
http://www.standrewsplace.com.auKNOWLEDGE IS POWER
