Thanks Scott,I will give the builders a ring on Monday morning and back it up in an email too thanksJPS25

Yes thanks Richard, sorry about the double post don't know how that happened will ring first thing Monday.

Thanks Richard, We are in QLD so will look up the number and give them a ring first thing Monday morning to see where we stand. Without seeing it I don't know if it is structual or not only the info from the property manager about it looking like the drain sinking and causing 2 of the fence panals to buckle. Thanks againJPS25.

Thanks Richard, We are in QLD so will look up the number and give them a ring first thing Monday morning to see where we stand. Without seeing it I don't know if it is structual or not only the info from the property manager about it looking like the drain sinking and causing 2 of the fence panals to buckle. Thanks againJPS25.

We did our first investment in Chinchilla (a new build), the town is very nice and with lots of new developements going on. As Trent mentioned there is a lot of retailers coming to the town which can only mean that it is going to continue to grow. We did look at Miles around this time last year, not really sure about it depends what you want.…[Read more]

Hi Rod,We bought our Investment house through Surat Basin Homes, we went direct by contacting Steve Bradford. He is no longer there but Di Ewen and Jay will certainly look after you. You will find there website is very informative http://www.suratbasinhomes.com.au   1800 041 411 is the phone number. Pretty sure they were still doing NRAS for Stage 2 of t…[Read more]

Hi Storm,Thanks very much for that info, certainly beats having to do amendments every tax year.Jean

Hi ,We were originaly building an NRAS house in Chinchilla, but we pulled out of it and went private instead. We still built the house as we were part way through building when we pulled out and had it rented for full asking price in no time. The reason we pulled out was not because of bank issue's our's were ok with it, but because of the…[Read more]

Thanks Terry,That is good news, I guess the same goes if he sells while still working in PNG the rollovers will reduce his capital gains then too. I know he can take a whole year off and reduce capital gains that way, picked that up from the guy doing a tax seminar from the ATO in Brisbane a few months back. Before Paul got offered the job…[Read more]

Hi Storm,Thanks for your answer. Its nice to find someone actually based out there. Sounds like the way it was done in the UK we never had to put in tax returns every year. One question though we knew about the tax year running from Jan 1st to Dec 31st and that he would receive a statement of earnings, when he see's the accountant over here next J…[Read more]

Thanks Terry,We would have a loss, so looks like it will get banked for a few years or soAt least we know where we are for the second IP and know not to rely on tax refunds, I know if we keep it reasonable we can do it as I have already done some figures, just didn't want to miss out altogether.One point though if they are banked and he doesn't…[Read more]

Hi Terry,So what you are saying is at the end of the PNG tax year he can claim for the Ip that we have here through his taxes over there, he just has to arrange time to see a tax agent over there and do it the same way he did here this year. He will be a non resident of PNG and still a resident of here. He is on a fly in fly out contract.Have I…[Read more]

Hi Terry  and Evolve,To give you an update, and ask for more help pleaseWell he took the plunge and is now working in PNG 24 days on 18 off.  Done lots of reseach but still a few grey areas as I heard that although he will get a tax credit for tax paid in PNG and I have looked on the ATO to see how this is worked out, what I am hearing d…[Read more]

Terry and Evolve,That sounds good to me. Glad he will still be able to claim for the IP alright. Thankyou both for your helpJPS25

Hi Evolve'He will still be classed as an australian resident wages after tax paid into au account but tax and super paid in PNGIst Investment so not sure how this will effect it next year. This years all done ok and straight forward as still working here at present possible job offered after we had seen our accountant.Thanks for any advice you can…

oneworld wrote:
could those have reasonably priced accountants post the accountant contact info or PM me please, I have few IPs and have been paying thousands in accounting fee, prior to having the HDT it was $2500, with HDT $3500, especially when I summarize everything in incomes and expenses, interest for each loan etc. (I spend 2 weeks to…[Read more]

Finaly got our copy of the lease and property report. Not too happy that the lease is for 8 months not the agreed 12months as per phone call. Lesson learnt in future we will have everything confirmed by email and make sure we sight the lease before the tenant signs. On the positive side I suppose it means we can increase the rent when up for…[Read more]

Thanks WJhookerYes the solicitors bill is for the investment loan The Interest was charged by the bank this June the 30th but is not due to be paid till end of July which falls in a different tax year so haven't actually paid it yet

Hi Rodjen123Yes we have always s/s in the past just stopped while building up funds for the investment property for a rainy day so we would also use that as a fall back too when it comes time to sell if not left for the kids.Thankyou

Thanks for your help we have emailed our property manager requesting both the lease and the property report