What Richard says above is correct, the only issue I could forsee in doing this though is if you came to some arrangement in this way you may save some Stamp Duty now but lose out down the track if you should sell it with Capital Gains Tax. Think through the whole process and plans and goals you have for this property before jumping into any decision.

Adam,If you're going to be living in this place for 5 years buy it in your names as GOM & Quickchick say above. Don't go Family Trust with it. Leave that for future IP you won't live in and ask you accountant to explain the Family Trust set up to you.Mick

Adam, As you can see, opinions differ from person to person and that is why we suggest you find a good accountant. Be sure to interview them and find out thier specialty and certainly recommendations in this case are great. If you're going down the track of becoming an investor, start investing now by finding a good accountant. It will make life…[Read more]

Adam,The property doesn't have to be in both names to get the laon in both names and you can also choose a % of ownership when in both names. Our first property was owned 95% in one name and 5% the other to help us with tax issues.My advice for you if you are going to be a successful PI is find a good accountant who is also an investor.Mick

Re Land Tax, a lot depends on how you purchase, i.e. your own name, Family Trust, Company? I can tell you Land Tax is paid annually, billed to whoever owns the property on Dec. 31st each year. It is fully tax deductible as are any expenses relating to a rental property. Victoria has a Land Tax free threshold of $250,000 for personal owners. Go to…[Read more]

Hi Adam,Some things to think about re family trusts. If you purchase in NSW or Victoria you will definitely incur Land Tax as Trusts do not attract the under $ exemption. This could cost you $000's per annum, not to mention what your accountant will charge to do your annual return. We pay approx. $2,500 per annum for ours and personal returns x2…[Read more]

As a property owner in Dysart (of 3 rentals) I believe the housing price decrease has much more to do with the ex housing commission homes flooding onto the market at just the same time as the "Global Financial Crisis" began to affect mining stocks and bringing on a lot of fear. Our experience is that companies like BMA are snapping up rentals…[Read more]

I would strongly suggest you commence by buying Steve McKnight's book, From 0-260 Properties in 7 Years. You'll learn stack from it and I'm sure get some good direction for around $30-40. As others have said, you do need to get out there and start buying but beware, lots of people have bought dud deals so education is important. Not everyone is…[Read more]

Jason, we're currently doing due dilligence on a possible deal of 8x 2br units. Fire will include hardwired smoke detectors to all units and interior brick walls need to go all the way up to roof. We've discovered section 94 fees will need to be paid on each unit, some $8k each, that's $64k on the deal we're looking at, plus the costs of surveyor,…[Read more]

We use Depreciators everytime and find them to be great. Easy to work with, reasonable cost and increases our % return.Mick

I agree with Ross, you don't need to register for GST unless you are going to get into developing and selling. Standard residential rentals do not attract GST.Mick

Just a thought with retiling, you can simply retile over the old ones, no need to remove and a job I saw recently looked great! Tiling is quite a simple job if you have the right tools. Hiring a cutter may be best.Mick

I'm sure you can advertise the place with the details, street and suburb and when available and what can anyone say. You haven't identified the exact property so they can complain as much as they like.I'd be doing a very thorough inspection upon settlement, the very day and getting onto solicitors the same day if you discover any issues. We've…[Read more]

Richard, whether you have IP's in a trust or not, you can't avoiv CGT. How can you say that. We've owned and sold properties in both scenarios and paid the required CGT each time.Digian, you're in a great place to start. A couple of thoughts for you to look at. 1. First home owners grant, etc. mean you need to live in the place for I think six…[Read more]

We scored 1129 but need to do much more yet. The foundation is set, we've enrolled for RESULTS, watch this space!