jkemsley

The 12 months doesn’t start again for your portion of the block but the potion of the block that you bought off your partner is first owned by you at the date of transfer so if you sell within 12 months there will be no CGT discount on that portion.
Residential buildings constructed after 17 July 1985 can be depreciated at 2.5% per year…[Read more]

Misty1
IT2587 states that if a property is used only as a rental property during the whole year then a repair would be fully deductible even though some of the damage may have been done in previous years when the property was used for private purposes.
julia@bantacs.com.au

danny,
The followng seminar is more practical than strategic one but it is free so you have nothing to loose but a few hours of your time and you will definately learn something. More Seminars listed on http://www.bantacs.com.au
Rental Properties:
This seminar covers your responsibilities as a Landlord and what your insurance covers you for. Details on…[Read more]

Wraps do not qualify for the 50% CGT concession anyway. It is not an issue of how many you trade it is the nature of the wrap that makes it trading stock even if you have only one.
The following is an article I wrote on the subject at the begining of this year. Should cover most of your questions.
If the Vendor Finance arrangement has the…[Read more]

Misty1

If the property needed paiting when you purchased it the paint is an improvement if it did not need painting when you purchased it it is a repair.

julia@bantacs.com.au

dumadiscount,

Your first option is the best if the property is not negatively geared.

julia@bantacs.com.au

The 12 months starts from the signing of the contract not the contract becoming unconditional. The only condition that will delay the start of the 12 months is a condition precedent. As the name says this is a pre condition of the contract coming into existance such as the property not yet existing. A simple subject to finance clause is a…[Read more]

Physics
Wraps – Vendor Finance Arrangements
Newsflash 74, 15th February 04
Booklets – Rental Properties & CGT

If the Vendor Finance arrangement has the following features the income stream received, once the wrap arrangement has begun, is considered to be principle and interest by the ATO. The income stream received before the wrap arr…[Read more]

Aceyducey
Please tell us more.
Julia

Sonja,

I have heard the same about the UK with the explaination that their mortgagee in possesstion laws are much more liberal than ours.
Considering the bouyancy of the Aust$ I have sudenly become interested in these so by replying to your post hope to bring it up to the top again to get any extra input by possible current investors.

Julia

BAN TACS
Beachmere And Ningi
Taxation Accounting & Computer Services.

http://www.bantacs.com.au

Investron,
Providing the property you are talking about is less than 5 acres and you have lived there since you purchased it, selling it to a company will not attract CGT but the transfer must be at market value. There are also provisions that may eleminiate your need for a company and therefore stamp duty on the transfer. Note a discressionary…[Read more]

Wallflower,
Just for fun not advice:
There is a case of a primary producer successuflly claiming for wages paid to a 4 year old because he could prove that the 4 year old was capable of brining the cows in for milking

Bardon,
The best Australian vehicle for flexability to distribut the profits on an NZ property is a discretionary trust. Any structure set up in NZ would still require the income to be taxed in Aust if it was paid to Aust citizens
For information on owning overseas properties down load the overseas booklet from http://www.bantacs.com.au The NZ property…[Read more]

Jobee,
For free info on the tax laws regarding investment visit http://www.bantacs.com.au

delboy.
Normally I post advice based on legilation ATO rulings and cases. So I want to make it clear that the following is only my opinion so should not be taken with the same credability of my other posts.
My basic rule of thumb is it takes a population of 250,000 to be self sustaining. Any smaller and you are at the mercy of the main…[Read more]

JARRN,
FHOG Basics:
The grant is for $7,000 whether you are building or buying an established home. To qualify you must not have owned a home before in Australia. This means that people who have owned a home overseas will still qualify for the grant. Also people who have previously owned land in Australia but not a home will qualify. To…[Read more]

ipjourney,
Investors who pay the bank next year’s interest before 30th June, 2004 can claim the amount as a tax deduction this financial year.
The deductibility of prepaid interest, paid by an individual taxpayer in respect of a rental property for a period not exceeding 12 months is not subject to special timing rules under section 82 KZM of t…[Read more]

Uk Kiwi,

Go to http://www.bantacs.com.au to the Newshflash Booklets and down load a free copy of the overseas booklet for some answers damn straight.

Julia

Pelican Investments,
Companies do not get the 50% CGT discount so it does not matter whether they are taxed on a capital gain or normal income rate of tax is the same 30%.
If not held in a company. Flips would still not qualify for any CGT concessions because they are not normally held for the 12 months necessary to get the discount.
If wraps are…[Read more]