Forum Replies Created
Elysium-M,
I’m respected your view point, but isn’t it this world is all about? Anyway, good luck with your investing.Question:
Quoted from kooringal:
Hi Comdom, this is our ‘old’ ppor, we have a new one, the six year rule won’t apply to us – we can rent out our ppor for up to 6 years and still sell capital gains tax free – AS LONG AS WE ARE NOT MAINTAINING ANOTHER PPOR – and in our case, we are.
in my situation, I rented it out my PPOR in July’03 and currently renting. As I am not maintaining another PPOR, does it mean I will get the assumption from capital gains tax?Any help will be appreciated in advance
Regards
Chandara
Kooringal,
Just one month ago we have moved from our PPOR and rented a couple suburb away. Therefore, we turn our PPOR into an IP. The tax dept also asked us to get a professional valuation to value the property for base value due to cap gained in the past. I am very happy with the price that I got from the professional valuer.
Here is how I did it and get high valuation price:
1. Must use local valuer as they know the area much better than other
2. Do a research in the area for the property similar to your with max sold value
3. Contact valuer and explain to him your situation tell the valuer what you think it worth. If the valuer agreed then go ahead with that valuer. if not try another valuer until you are happy with the valuation price and finally ask him to come and inspect your PPOR.
4. Prepare your PPOR as it is for sale, look clean and neat.5. Be their when the valuer come to inspect the property. Point out the good point about your PPOR. Also tell him the house next door if any sold at this particular price.
6. Before he leave make sure ask the valuer what he think it is worth? and convince him to the value you want.
I think you should spend another $300 for a new valuation price.
Hope this will help.
Regards
Chandara
Willi,
I am written down my goals on the excel spreadsheet and update it every month depending on the circumstance arrive. Print it out and share it with someone close to you, discuss about it and make it realistic.
Everyday, doing somethings to achieve this goals. Ie. if I want 7 IPs in seven years then I plan it out like buy one every year. Learn as much as possible to how to buy 7 IPs……….
Chan$
Sooshie,
At the time that I bought the PPOR, I intended to live their for 5 years. Once I have enough money then I will build my dream home and rent it out the first PPOR. But circumstance changed, my beautiful baby, Kayla arrived. The PPOR is a bit too far from our parent home so it is very hard for us to take Kayla back and for everyday.
So we decided to move out earlier about 2 years. We had one IP close to our parent’s home. We have to work out weather moving into the IP is better than rent in the area. After putting pen on paper and do a bit of calculation. It is better off to rent in the area. Luckily my sister in-law had one IP in the area as well so we rented from her.
She is so generous to us. She paid everything that we want to change in the house ie. carpets, new painted …which mean it is just like our home now and we don’t have to worry when the landlord going to kick us out. The other advantage is that my sister in-law don’t have to worry about vacancy in the future.
In summary:
Advantages: 1. Closer to parent 2. Cheaper to rent
3. more tax benefitDisadvantage: 1. Amount of money that you pay to the landlord is a dead money. You will never get it back.
Chan$
Thanks Alana, really appreciated.
This forum as soon as you pop the question there’s alway answers.
Chan$
Not me, only bought PPOR live their for 2 years and move out, rented out.
Chan$
SARS – contagious desease.
SARS – small steps make the real journey
Chan$
I am still at work, but not working. Spending too much time reading forum boards, hope my boss not in this forum so he would know what I am doing everyday. 2hrs work, 6 hrs forum boards
Chan$
6.30pm on today tonight channel 7, after the news
Chan$
It is a damn long articles, just finished reading it! very interesting.
Chan$
Guys,
I missed out all the funs that you guys posted. I was on training yesterday. Well, to say the least I would like to thanks Steve McKnight for this great together forum and learn from each other.
I have learn so much since I found this forum.
MiniMogul, Chandara is a man in this case. Chandara meant the moon originated from india, but I am not india.
Chandara [The Man]
May the force be with you1
The truth is out there!
Good investment is just around the corner, but you have to work it out which corner?Thanks
I have to speak to my accountant about this soon.
Chandara
I took a trip to Beenleigh QLD last month (June 2003) and bought 1 unit 2br with LUG for $73,500. Currently rented at $115pw. Leased expire Sept and will increase rent to $125pw. It does not meet 11 secs soln but if I inject some cash into it then it will. I believe the area still have capital growth. Population is increasing every year. People can’t afford to invest in Brisbane as well as Gold Coast now they are moving into this area ie. Logan city which is just 10 minutes drive to beenleigh. I have a couple units in Logan as well.
Try the surrounding area and you will hit the gold mine in the future.
Chandara
Paul,
Chris Batten website is invaluable. Thanks, but it does not tell me the different between discretionary and Hybrid discretionary trust.
Chandara
Just finished reading it!
principle place of residence
popular place of residence
productive place of residence
positive place or residence
Just to name a few
I just did my tax depreciation shedule:
The fee would be $440 inc GST each property, however should you commission our company to do the three
properties we would offer a discounted fee of $385 inc GST for each property.Please call me (Justin) with any queries on 9906 6188.
They are Page Kirkland http://www.pagekirkland.comChandara
A friend of mind become a millionaire this year using HK strategy. I did not do the course so I don’t know. He spended $14000 for the course.
Is it worth the money? For him?, yes! For me? I don’t know because I have not done the course
Chandara
hwd007
The information provide by Chris Batten is worth reading, here it is:
The family home
The family home should be acquired in individual names where possible to take advantage of the various exemptions and concessions provided for in relation to land tax and capital gains tax. The use of trusts to hold the family home should be considered as a last resort where either there is a single person who is highly exposed to litigation or both husband and wife are both at risk of litigation.The structure of acquiring the home 99% in the non-risk taking spouse’s name and 1% in the risk takers name should always be considered.
You can find more information at:
http://www.chrisbatten.com.auHope this will help you in some ways.
Chandara
HK – Henry Kaye
National Investment Institute
