Ooops!

It has been brought to my attention that it might have been a good idea to let people know where and when this event is being held… Sorry about that! [confused2]

Anyway I still have a couple of tickets left, so if you are interested or know anyone else who might be the get in touch with me by email or PM.

Date…[Read more]

To sell an option you really need to have an asssignment and/or nomination clause in it.

You might get hit up for double stamp duty depending on which state you are in.

Greg

I am guessing Steve meant using delayed settlements (which defers Stamp Duty here in VIC). Check with your relevant state revenue office to see how it works in your state.

I think the lucky people in NSW get to pay SD within 30 days of signing the contract regardless of when they get the property.

Alternativley you could explore the use of an…[Read more]

I suggest you find a good accountant who specialilses in working for property developers or who does developments themselves. These guys know the in and outs of options normal tax accountants haven’t even heard of.

You could be liable for CGT, stamp duty and GST when you sell depending on how you go about structuring things and the state you’re…[Read more]

Property seminars are still tax deductible BUT as always very strict criteria apply. In this case the AAT ruled that the taxpayer was not conducting a substantial BUSINESS of property investing. It did not dipute that he was a property investor.

It is difficult for ordinary taxpayers to claim deductions for education expenses, unless they are…[Read more]

Not exactly SE suburbs but close enough and used by many of Melbournes’ wrappers (even the opposition!)

Highly regarded:
http://www.gatherumgoss.com/

Cheers,
Greg

Insurance will NOT cover you if you are criminally negligent.

Imagine this: You are involved in a motor vehicle collison and another party ‘alleges’ injury and sues you. It is found that the tyres on your car are unroadworthy.

In this case your insurance company will run a mile and tell you that you’re on your own. In this case it doesn’t…[Read more]

It would be cynical to suggest that getting people entangled in debt nice and early makes the little vegemites motivated members of the workforce… and the more workers the more taxpayers… So some might say it is a beneficial for our overall society.

Others might disagree…

Cheers,
Greg

Any thoughts on why a RE agent should be paid a percentage as opposed to a flat rate?

I wouldn’t expect a mechanic to charge me relative to the value of the car I drive…

Imagine if solicitors conveyancing was a percentage of the contract price! And, why not the removalists and carpet cleaners..

My point is most people and businesses work for…[Read more]

Hi Scissors!

As Richard pointed out you need to be aware of the Managed Investments Act (either to abide by it or avoid being subject to it). Obviously this is just a start and more legislation applies.

On another note if you buy with multiple investors via a unit trust or otherwise you should consider your asset protection strategy.

What would…[Read more]

Hi Robert!

In Victoria that is exactly what it says in the Instruments Act. But there was reently a case that went through the courts where they ruled otherwise. After negotiations an agreement was reached and the details jotted down on a bit of paper. Then the seller (If I remember corectly) decided to back out as they realised they could get…[Read more]

I thought about it… But as the article says $75k turnover (not profits) is quite low… I hope to be making more than that [biggrin]

http://businessnetwork.smh.com.au/articles/2005/04/22/2089.html

Damien!

A similar question was aked a while back and, as I recall, people in the finance industy suggested paying back the debt at the minimum amount per week – not as a lump sum. They said paying it back as a lump sum would not necesssarily help you get approval for a loan. (Try doing a search for it).

You can still get a copy of your credit…[Read more]

Like Derek said – This arrangement may be viewed as a scheme by the ATO. Under the sole purpose test a SMSF can not invest in anything that you, a family member or an associate gains any benefit from.

If the SMSF is buying units in a trust which owns a house, which is rented by your parents then I think you are skating on some mighty thin…[Read more]

I agree with Terry – if you have an accountant set up a trust for you they will most likely either order it over the net or go to a legal firm that specialises in incorporating and selling shelf companies/trusts.

So basically they are just taking you details and placing the order on your behalf. So like you said this requires very little training…[Read more]

Brokers please correct me if I am wrong but getting finance on a property less than 50sqm will normally limit your available lenders.

Also I remember a Residex report on Cairns units about 4 months ago and it was less than glowing. If I remember correctly they predicted the CG for Cairns units to be aound 0% for the next 5yrs.

Maybe they aren’t…[Read more]

Hi George!

Sounds like you intend to skate on some mighty thin ice!

You need to consider the “Sole purpose” tests for SMSFunds. To sumarise this means that the investment must be soley for the purpose of providing for your retirement. If you or a related party/entity also benefits from the investment you have failed the sole purpose test.

An…[Read more]

If the trust has only one beneficiary and that same person is the trustee (not a company) then I think you’ll find that trust does not exist in the eyes of the law. Otherwise yes the trsutee person can be a beneficiary (just so long as there are other beneficiaries also).

It is very common for shareholders (and directors) of the trustee comapny…[Read more]

Do ring Tony Cordato as he does indeed know how you can resolve this problem.

Also, I agree with Terry these departments might have internal policy – it will always be written down and just because they do not publicly announce it does not mean they will not send you a copy if you ask nicely.

For example the Vic FHOG application includes a list…[Read more]

I would ask the OSR staff to send a copy of the information they are referring to… Maybe the NSW OSR have recently changed policy… Either way you’ll know the true situation…

Or if you want to waste time try having a look around on the part of their web site that relates to the FHOG…

Cheers,
Greg