Forum Replies Created
What area are you looking to buy in?
fWord wrote:keiko wrote:Yep deffinatly, it will be interesting if enough people answer. I keep reading that most people want to live in apartments in the CBD's hence the reason for putting this post up
Depends on whose opinion we read, I suppose. For example, if you head over to the API blog, Michael Yardney believes that apartment living and a low-maintenance lifestyle is the way of the future. The RE agents have caught on to this, now advertising houses on subdivided blocks in the suburbs as having a low-maintenance lifestyle on 'compact' blocks. Catherine Cashmore on the same blog however, has written about buying family homes on land instead of apartments.
Ultimately, I'd rather live in a detached house. The increase in maintenance for the house and gardens are a small hassle compared to improved privacy and personal space.
Hi fword,
Yea I did read Michael's article about apartment living, hence the reason for posting on this forum to see what the people on property investing think, I'm thinking most people would prefer a house over an apartment, hopefully more people put what they live in or would prefer to live in to give us all a better idea
Cheers
fWord wrote:Melbourne.Live in a detached house with a backyard.
Prefer to live in a detached house with a backyard.
Age 29.
Good question, and if you get a wide enough selection of respondents, it'd be a good reflection of the type of accomodation people might prefer.
Yep deffinatly, it will be interesting if enough people answer. I keep reading that most people want to live in apartments in the CBD's hence the reason for putting this post up
If there is no catch to it, like the land being leasehold or something then you couldn't go wrong with it, 3-4 years and it would have paid for itself, ah so where abouts is it, LOL
Can anyone answer all or part of this?
ThanksScott No Mates wrote:That 's why you get personal or director's guarantees, can enforce a lock-out & personally hold the bond. Office of Fairtrading doesn't want to know about it, unless it is resi or retail.Yep I have personal guarantees and bonds but still there is times when they just walk and you chase them and at the end of the day you normaly get nothing
Scott No Mates wrote:I think I've missed the point here – why would the insurance company want to get involved in an employer/employee relationship? What type of insurer covers that risk?It would be like loss of income insurance which is available but whether or not it would work in the above scenario! probably not
Qlds007 wrote:No not all lenders will allow this irrespective of the lvr.Cheers
Yours in Finance
Hi Richard
Which banks have there own in house LMI at 95% and would do a refinance within a couple of months if all boxes are ticked?
If everything looks good, 80% LVR, sales evidence etc, are all banks happy to do the revalue within only a couple of months or do some banks have a policy where they just don't care and I must wait 12 months?
Terryw wrote:This is the date for that the land tax in NSW is calculated on. So buying on 1 Jan instead can mean you have 1 year without having to pay.ah I see, At first I thought there may have been something new coming up after 31 Dec. cool thanks
Terryw wrote:Dont forget land tax can be minimised by buying in different states. And buying after 31 Dec – off the top of my head I think it is settlement that counts.Hi Terry, What happens after 31 Dec?
Terryw wrote:Prenups, of binding financial agreements can be set aside in some circumstances such as if there is a major change in the situation of the couple. e.g. new children and this wasn't covered in the agreement. etc.It may also be possible that it wasn't done properly such as not signed off by a lawyer etc.
If that is set aside then she may be able to have the trust assets taken into account as either or both:
assets of the marriage, and/or
a financial resource of him.Thanks Terry, I know the prenup was all done threw his lawyer and it has been renewed a couple of times over the years, I would think they would have covered everything as best as possible
Hi Terry,
I also have a question, My mum has been in a relationship for about 10 years and her boyfriend holds around $10m in assets which are all in a family trust which is only linked to him and his side of the family, he has also made my mum sign a prenump agreement stating that she can not sue him for half or take him to court etc
How easy would it be for her to make a claim if they were to split, would she have a claim at all seen as there is a prenump in place and that the assets are held in a trust?Terryw wrote:It is not a good idea to buy property through a company. Losses can be carried forward, but there is no 50% CG discount.Thanks Terry
For what I'm trying to achieve it should be ok if what I was asking is possiblebumskins wrote:keiko wrote:Lets say you bought a house for $200,000 and after stamp duty and reno costs it owes you $220,000 and then you sell it after a couple of years for say $300,000 and make a $80,000 profit on that property less 50% = $40,000 taxable CGT
Now lets say you made a loss on the books in the previous year for say $100,000, would the accountant then carry the loss into the new year and right off that $40,000 so that you pay no tax on that capital gain?
Or do you still pay tax on the $40,000 as its own standalone CGT profit?As an individual a capital loss can only be offset by a capital gain, therefor when a capital loss is declared for a particular income year on your tax return. It must be carried forward to future year's where it can offset future Capital Gains.
E.G.
Say I bought an investment property in 2005-2006 (Financial Year) for $600,000. I then sold it in 2007-2008 (Financial Year) but only recieved $500,000. Therefore for the 2007-2008 (Financial Year) I would declare a Capital Loss of $100,000, which I would have to carry forward.
Now in the 2007-2008 (Financial Year) I bought another property for $400,000. And sold it in 2010-2011 (Financial Year) for $450,000. That is $50,000 in Capital Gains for which a 50% discount is applied (due to holding >12montsh), so $25,000.
Now when I sit down and do the tax that year I would declare a Capital Gain of $25,000. This would however be offset by the capital loss ($100,000) carried forward from previous years. So +$25,000 – $100,000 = -$75,000.
Therefor I pay no tax on the capital gain that year and continue to carry forward the new capital loss figure of $75,000.Thanks for the reply.
Would this also be the same if It was in a company?
And lets say the same company made a loss due to a non property related transaction, (lets say the loss was $50,000) Can this also be carried forward to reduce tax on a capital gains on a property sale? lets say the capital gain on the property sale was $50,000.
Would this then mean there is $0.00 tax to pay or can it only be property related capital gains and losses that are taken into account or can it be anything that is related to me and my companies etc?Thanks
keiko wrote:Lets say you bought a house for $200,000 and after stamp duty and reno costs it owes you $220,000 and then you sell it after a couple of years for say $300,000 and make a $80,000 profit on that property less 50% = $40,000 taxable CGT
Now lets say you made a loss on the books in the previous year for say $100,000, would the accountant then carry the loss into the new year and right off that $40,000 so that you pay no tax on that capital gain?
Or do you still pay tax on the $40,000 as its own standalone CGT profit?Anyone?
They would pay either way
I think I will just go GST exempt
Texaco wrote:Keiko – what height off the ground?Hi Texaco, That was for a low set home
owned by me and I have a ABN, Yes book keeping on the leasse
Lets say you bought a house for $200,000 and after stamp duty and reno costs it owes you $220,000 and then you sell it after a couple of years for say $300,000 and make a $80,000 profit on that property less 50% = $40,000 taxable CGT
Now lets say you made a loss on the books in the previous year for say $100,000, would the accountant then carry the loss into the new year and right off that $40,000 so that you pay no tax on that capital gain?
Or do you still pay tax on the $40,000 as its own standalone CGT profit?
