Hi Recco,I run the West Australian's Investing in Property monthly meetings.  A group of property investors come together to talk about property in Perth.  our next meeting is on the 28th May, in Burswood (the suburb, not the casino).  If you want to email me at [email protected] (not my normal email address but I am in the UK at th…[Read more]

Don't know what the cost is sorery, but have dealt with Hegney in the past and would reccomend.CheersKel

Hello Everyone,

The second meeting for the WAIP (West Australian’s Investing in Property) group is this Wednesday. We are very fortunate to have a member of the Property Wizards coming to present to us.

The last meeting was a great success. If there is anyone out there in PI.com. land that did not attend last meeting and would like to please…[Read more]

If the mum has no property, what about buying in her name? That way when sold, there will be no CGT. Check with an accountant on what effect this will have on her pension etc.

Good point Terryw, my friend has explored this avenue but unfortunately it is not feasible at this time. Thanks for your help and suggestions guys, much appreciated.

Thanks
krs

This will also depend on your goal as a property investor. For example the cost to set up and ongoing fees for a company is not viable for only a couple of IP’s. Make sure you discuss with your accountant.

Good luck!

Thanks guys, much appreciated. Back to the accountant for me it seems.

Kel

Thanks guys, some great information here. I really appreciate it.
Any of you want to be my accountant? Just kidding.

I presume from your comments that land tax is not only calculated on the amount of land one entity holds but the amount of different titles the entity posseses? Is this correct?

Cheers
Kel

Hello Whittleherbert,

Is the property in your personal name? Have you been the only resident at the location ? (i.e. you didn’t rent it out before you moved in) If the answer is yes to these qu’s then you shouldn’t pay CG tax. Your own home is CG free!!!![thumbsupanim]

Cheers
Kel

Hi Guys,

Where a company owns the same asset after the capital profit has been distributed to the shareholder, tax payable will be effectively 48.5 per cent.

I thought that when you bought and then sold a property in a company that the company while being liable for 100% of the CGT would only pay 30% flat tax rate?

So for example if I purchased…[Read more]

Hello Wylie,

The cost of the “proper removal” will depend on where you live and sometimes how far you are away from an approved licensed holding facility.

Unfortunately you are absolutely right it is expensive. But the hassle and potential health effects/liability are probably worth spending the money. Some unaccredited removalists will dump…[Read more]

Hi Matt,

When you crunch your numbers/budget, I would advise you to always add 10% for undisclosed costs. If you are then still achieving +ve cash flow then I hope everything goes awesome for you!

Good luck

krs

Good advice Derek!

Beth

Another creative way could be to put your house on the market at the end of the financial year and only sign the selling contract at the beginning of a new financial year. This way you do not have to declare this CGT until your next tax return (12 months away) and then, as already mentioned in previous posts, you don’t…[Read more]

Hi LadyBug,

I used RMG Accounting in Subiaco. Their details are on their website. Sorry, I don’t have them in front of me right now. They were really helpful in answering questions I had in relation to the family trust docs.

It’s odd your accountant won’t help. Any reason why? Maybe they are recommending you seek legal advice before…[Read more]

Hi Jenny,

I agree with amerc79, if it’s working and you feel comfortable (and I suppose you are making money!) then go for it! Everyone’s different and only you can decide if the goal you have set yourself is right for you.

Good luck!
krs

Hi Craig,

In Perth subdividing costs are around 15-20K usually (this also normally includes the purchase of required fencing). In Perth watch out for public open space policies that normally lie buried deep in some councils planning policies. If you don’t account for it, it can increase your costs significantly and is proportional to the amount…[Read more]

Hi All,

Great post Dazz!!!!

I am employed as an Occupational Hygienist for a large Mining company in Western Australia (and no it doesn’t mean that I clean the toilets!!!! – I only say that because that is what my grandmother asked when I got my first job). I am sure you can imagine the look on my face after four years of University! Basically…[Read more]

Hi N_Lam,

the main draw back is that lenders who I have spoken to won’t give me a loan

Have you tried more than one lender? I have learnt in this game that it is important not to give up if a wall is in your way…there is probably always another way around that wall…… but you need to take action to ensure this. However, if you are maxed…[Read more]

Hi N_Lam,

Welcome to the forum! My first tip would be to look at the huge amount of information on this forum (if you have not already) to get some ideas about how others have been successful in property investing, a lot of us have had the same queries as you at one time or another!

My number one concern is CASH FLOW.
I want to spend a maximum…[Read more]

Hi C@34,

Cheers for the feedback…I obviously need to do some more research!

Good luck!
krs

Hi C@34,

I was talking to an experienced investor today who has used LOC’s in the past in their property investing.
Some of the information I got out of this person is outlined below.
1. Current interest rates are used and payable only if/when you draw on the loan.
2. There are no additional account keeping fees (but depends on who is the…[Read more]