Forum Replies Created
Try www.dialbeforeyoudig.com.au
Regards Maurice
Hi Natalie
The cleanest way to go about what you are trying to do is, when you refinance split the loan into 2 parts so you know exactly how much interest you are paying for your orginial loan which will be tax deductiable and the personal use which will not be.
Regards Maurice
Hi Rover
I can definitely recommend estate master l use it all the time there are a few different modules. Great for feasilitiblites and great for cost to complete analysis. It is basically an excel spreadsheet on steriods and cost l think is in the $2000-3000 range per licence.
Regards Maurice
I would suggest looking at a SMSF around the 300k mark
Hi Kev
I can definitely recommend that you speak to Alistair or Cameron from Perry Finance.
Regards Maurice
Hi Chalkergroup,
It all depends on what you are trying to achieve with your investing and what type of property you are investing in as to whether it is a pro or con. Are you able to provide more information on what you are trying to achieve?
Regards Maurice
Hi Jenny
I had pretty much the same questions as you have just mentioned last Friday but in regards to a unit trust structure with a corporate trustee. I have previously done some work with Alistair and he definitely knows his development finance. I would suggest maybe you get in contact with Alistair and he will be able to give you detailed answers to your questions in respect to your financial situation he definitely pointed me in the right direction.
From my understanding but you would have to get it confirmed you might have trouble getting commercial finance on land without plans and permits (DA) or the pricing on the finance might be too expensive to hold land. Commercial finance is around the 11% mark from what l have been told which might make your project unfeasible if it takes you 12 months to get a DA.
All the best with your project.
Regards Maurice
Hi Street Monkey
You probably do not have any money in super at the moment to warrant setting up a SMSF. You need to remember that there are a few compliance costs that come along with a SMSF.
Regards Maurice
In my opinion l would have to say anything on the Mornington Peninsula. I would expect the growth to come after the Peninsula Link freeway is complete which is currently scheduled for early 2013. The freeway is going to be linked to Eastlink and will bypass Frankston which is going to cut travel times considerably.
Regards Maurice
Hi Mitch,
As l don't have full knowledge of your situation and what has been setup for you. I can't give you specific answers to your questions. But l can give you some general answers but you would have to see your accountant to specific answers to your situation.
* A company will need to lodge a tax return each year it is in business
* The setup costs are generally claimable under “black hole” write off provisions. They can be claimed over 5 years or 20% p.a. Although l hear there might be a new ATO draft ruling for this which could change things.
* Company's can carry forward losses as long as they fulfil certain tests.Regards, Maurice
Hi Mitch,
Welcome to the forum! Its a good idea to get your trust tax return done before your pesonal tax return as any profit distributions that are distributed to yourself will need to be included in your personal tax return. As l don't know all your personal details it would be hard for me to comment on your company and trust tax returns for this year. I would strongly suggest that you follow up on Richard's recommendation. I would have been happy to help you out but l am based in Melbourne and by the sounds of your situation it would be an idea to find an accountant in your local area.
Regards Maurice
Hi Gavsam,
You need to remember that any structure you put in place is inline with your overall goal and outcome you want to achieve. Without giving you any personal advice on a public forum and not knowing your personal circumstances or the entire content of the information you were given. My advice to you would be to get a second opinion from a qualified CPA or CA accountant to ensure that the information that you were given is correct.
Regards Maurice
Hi Runaway,
In my opinion l would have to say anything on the Mornington Peninsula. I would expect the growth to come after the Peninsula Link freeway is complete which is currently scheduled for early 2013. The freeway is going to be linked to Eastlink and will bypass Frankston which is going to cut travel times considerably.
Regards Maurice
Thanks Paul,
I have heard of Lewis O'Brien I'll give him a try.
Regards
Maurice
Hi Charles
My advice would be to learn by actually doing a small development either a 2 site subdivision or a renovation project to start with. Good luck with it.
Hi Kid,
You may need to check with a planner on whether you are able to subdivide a 500sqm block. Most (this is only a generalisation) councils require 300sqm per block but there are a lot more factors to consider such as set-backs, whether there are units in the area, council overlays etc
Hi FF
I have just noticed your post. Its a shame that you missed out on this opportunity. If you are continuing at looking at projects within the Frankston area l have an excellent planner that l could refer you to. Send me a messaage if you are interested. They are based in Mt Eliza.
