Forum Replies Created
Check with the relevant revenue office in each state but I am pretty sure that in NSW Stamp Duty is payable within 30 days of a contract being signed (or a similar timeframe).
In Victoria Stamp Duty is not payable until the wrap purchaser transfers the properties title into their own name. Some people see this as a chance to defer, maybe for 30 years their SD obligation.
Hope this helps – but as always don’t believe everything you read here on the forum… Please go and check it out for yourself…[cap]
Hi Yack!
It went well – all be it with few people.
However the optimist in me says that this was actullay a really good thing because it allowed everybody to get to know one another better than they otherwise would…
Superdomo thought we might have seen you there…hopefully we’ll meet in the near future…
For those interested Michael Gruber, who produced LoanAlert, sent me some info packs to hand around at the lunch – of which I still have a pile left.
He did mention a discount for people at the lunch, but you’ll have to check with him if this still applies. (I am not getting anything out of this. I have not even used LoanAlert myself. I was just doing a favour for him and Yuchen). So if you are in Melbourne and are interested in a one of the little packs let me know. Otherwise you could contact Michael directly for more info.
Greg.
Jeff you are right. Shell was only considering moving out of the retail fuel market. I am not sure how serious they were about this – probably more just interested in diversifying their profits through expansion into other areas.
I was surprised when I heard how many pies the big oil companies have their fingers in.
Some of the mining contracts etc are very big dollars. My cousin, when working in Kalgoolie, told me that three times a week a B Triple truck would arrive – that’s about 90,000 litres three times a week for just one mine!
And I am sure Coles have adjusted the prices in store to not only compensate for any extra costs, but also have factored in a handy profit too.
Which reminds me of a saying… “Loyalty only costs you money!” and I am sure they have many more loyal customers willing to shop exclusively at Coles so they can ?save? money on fuel.
Originally posted by David e-noosa:The problem with this is the “POOLED FUNDS” being invested. Also 99% if not all of HYIP’s or High Yeild Investment Programs are fraudulent.
The ASIC investigation found that QN operated an illegal investment scheme by pooling and investing some of the funds received from investors in high yield schemes in Vanuatu and other offshore schemes promising improbably high returns.
David J
Licenced Agent/Sales ManagerOk. Ok. Let me get this straight. Under no circumstances can money be pooled and invested in Vanuatu, or anywhere offshore for that matter?!
I hope not – as that would mean every fund that invests in overseas commodities is operating illegally. I don’t think that is going to be the case though.
So was it the pooling of funds that made it illegal?
Or was it the offshore investing that made it illegal?
Or was becuase they invested in funds promising (unspecified) improbably high returns that made it illegal?
Maybe it was because they used the wrong colour paper for their accounting that made it illegal![smiling]
I still maintain this is an empty and useless statement… If ASIC want really want to help us poor people who keep getting taken advantage of in the big bad world, maybe they could give us just a teeny weeny bit of information so we can look out for ourselves in future.
My point is this: If you make a press release and then exclude any useful information then you have kind of defeated your intitial purpose wouldn’t you say?
As mentioned the margins on fuel are pretty skinny so much so that a friend of mine worked on a report for Shell back in 2002. They were looking at viability of continuing in the retail fuel market, and even considering exiting the Australian market if they could not make it work.
Since then they have made some big moves rather than exit this market. They have moved staff from their signature building in Spring St to Glenferrie Rd in Hawthorn, teamed up with Coles and started opening Shell Select Convenience stores which do not sell petrol at all.
Useless info but maybe a little surprising. [suave2]
Just a reminder folks that the lunch is this weekend! Sunday 18th July.
Hope to see you there [biggrin]
Greg
Hey BongoBongo
I hope your not holding out on us here…
Have you got any more info to post about this?
Sounds like an interesting idea…
Greg
Here are another couple of handy sites for people in sunny Victoria…
http://services.land.vic.gov.au/landchannel/content/interactivemap
http://www.dse.vic.gov.au/planningschemes/
Enjoy,
GregThanks for the link Jo.
I thought I would look up the area where I am renting here in sunny Carlton and found that we are paying more per year in rent than it is even worth! Is this a 100% yield? [lmao]
“Currently the median sale price of houses in the area is $26,137.”
Greg
Check on the LVR the Bank of Vanuatu will give you – I heard its about 40%. So they obviously have some concerns!
Also most of the land is owned by the chief and is on a 200(?) year lease which ends in about 70 years. Depends on your outlook, but it could become worthless if the chief announces he is taking the land back with no compensation. Too bad if he makes this announcement in 5 yars time.
I also hear that if you want a personal loan for $20k you have to have a savings account with $20k in it. Go make sense of that.
Or you could just go to Japan and get paid negative 1% to deposit your money in the bank.
Greg
Another tricky little media release from ASIC – and they paint themselves as being or protectors/saviours from the rogues!
It barely mentions why the liquidators were appointed. Looks like they did not cough up $150,000 to have a prospectus registered with ASIC and therefore did not comply with the Managed Investments Fund legislation.
Some people might read that and think it is illegal to invest in offshore funds, especially in Vanuatu. I would love to see what reurns were actually reurned by the “offshore schemes promising improbably high returns”.
Is 10% with a capital guaratee improbable? You could keep you money here and get 4% instead or maybe -4%? And think of all the fees you could be paying too…
It doesnt mention whether there was any issue with them selling the properties which they built. Although that should ring alarm bells for anyone.
Maybe Jenman could produce media releases for ASIC in future [biggrin]
I remember as we drove from Istanbul to Gallipoli in the bus every town we went through – and I mean every town – had a multi level concrete shell of an apartment building. None of them had progressed past this point of construction.
All of them had clearly been in this state for a number of years. I asked the bus driver/tour guide and he said that there was a loop hole for the rich in the tax legislation.
Something to do with constructions being a major tax deduction. This deduction is no longer available when the building is completed. So everyone had a half finished building to exploit the tax system.
Don’t ask me anymore about it, because that is all I know… Maybe I have forgotten some key point over the years since then.
If it is done the way I think it is very handy because the owner keeps the tax deductions, shares in the capital growth and collects positive cashflow as well.
It is very different to wraps and may even give you more control over the entire process.
I look forward to the new info you have to post.
I think in the end though you have to be very certain the the company you intend to sign up with operates with integrity and can be trusted.
Hi BongoBongo!
Was the the ad that was on the front page of Domain in The Age on Saturday. I wondered how it worked – the explanation was a bit jumbled.
Are you thinking of being a tenant or investor? What info/suggestions are you after?
I am familiar with the concept but not by this name.
Greg
Hi Ray!
I am open to suggestions and I think South Melbourne is a good choice all considered as it is pretty easy to access whichever direction you come from.
Also there might be people from sunny Geelong or that end of the land who might like to join us too. I guess we’ll see what people propose and if nothing better comes along we can stick with South Melbourne.
Greg.
Hi superdomo!
The Vendor Finance Wraps Association (VFA) meetings are great for info. Have you checked out the website? I have found the forum there very useful.
I don’t remember the discussion when the original meeting was organised – but the lunch did go very smoothly and I think it is fair to say that even when you think you know enough to do your first wrap there is still a lot of stuff you learn along the way.
Depending on what your job is and what your property experiences have been it can be a steep learning curve for someone starting out. It is easy to see that people in this position can have a million questions – some of which when you look back are quite silly, but seemingly life threatening at the time.
Now imagine a few desperate people with life threatening questions and a few slighly, but not much, experienced people with them trying to have lunch and a chat and you can probably see what can happen.
I went to sales promo evening for a wrap presenter last year where Felicity briefly stood up and told of her experiences. At the end of the night I saw her get swamped by about 20 people! Some of them probably recognised her from this forum – but I didn’t have the heart to go over there and introduce myself, as she looked like she was going to be stuck there all night as it was.
Good news is he apparently survived to wrap another day…[exhappy]
Greg
I think you have a good point there Felicity.
The last lunch worked out so well I think we should keep things exactly the same – If it ain’t broke don’t fix it!We should keep the criteria for those attending to either have done or be in the process of doing their first wrap(s).
If people want to let me know if they can make it, maybe a bit closer to the date, send me a PM and I’ll make a booking for the appropriate numbers.
Cheers,
Greg.Nice work Superdomo!
Now that we have a venue lets commit to it.
I remember that last time the hardest thing was deciding on a venue – with a last minute change, because the one chosen does not trade on Sundays [blush2]
Anyway I think Superdomos suggestion is a fine one and I will be there… What does evryone else think?
Lets make it a great day. Looking forward to meeting new people/seeing old people again. Yay!
Greg
Hi Lozza,
Lets get another meeting organised. I was thinking about it just the other day.
Maybe we could say Sunday the 18th July. That gives eveyone 4 weeks warning and it is after the school holidays.
What does everybody think? You are all welcome.
Cheers,
Greg.Hi SIS,
There is/was an ebook called ‘Australian Lease Option Handbook’ or something similar. It sold for about $80 but looking on google one site says that it is no longer for sale as it is being revised.
I bought it about 18 months ago and found some good info in it.
Greg
