Hi Everyone,

27th and Petersham RSL is good for me – are we going to start at 3pm instead of 4pm – I know it was mentioned by someone that we should start a bit earlier ? See you there

Cheers

MIKALA

Ausprop,

I was thinking of both scenarios – I suppose we have already been developing to hold – we have only bought land, built then rented so I guess I was wondering about the differences if you were developing to sell (is it really called property trading ??)
Doesn’t the CGT 50% after 12 months still apply?

Dazzling,
Thanks for your reply…I…[Read more]

Dreamer1,

If the Investment was putting $$$’s in your pocket every week why did you sell ?.

Cheers

MIKALA

Hi there,

You most certainly can – the whole essence is whether the interest repayments are for a loan which is for the sole purpose of investing – it is the intention which is important.
If you intend to build and rent you can claim the interest repayments on the loan for the block of land providing both properties on the subdivided blocks are…[Read more]

Thanks for your reply Hellman…

Cheers

MIKALA

I’m with Toni.
I want to learn more and I think over the last 2 meetings I have picked up information that I might not have found otherwise – hopefully others who attended have found the same – most of all I enjoy getting together with like minded people interested in sharing views and ideas in a forum which is not overtly formal.
I think the…[Read more]

Hi there,

Is there any possibility of the 2 accountants having a phone conversation to discuss – maybe one can convince the other of the correct position and then you can both lodge the same claims

Cheers

MIKALA

Dr.X,

I really enjoy getting together with everyone – it is a great opportunity to hear what others are doing and catch up.

We are planning on next meeting mid November hopefully at Petersham RSL, 7 Regent street, Petersham. It was a great venue – thanks to Toni.
All are very welcome.

Can I propose 3pm 20th Nov – would this date and time suit…[Read more]

Hi there,

We bought in Kirwan last year (got lots of equity straight up) and this year we were going to buy land in Condon and build but it would have been much more expensive than we wanted to outlay so backed out. Having said this though we believe it is a good area for an IP.
Kirwan property seems to rent fairly easily.when you mention…[Read more]

Hi,
Terry is absolutely right in that if you bought the land for investment purposes that is you were going to build an investment house on it to earn an income at some point then the interest payments are tax deductable – I have checked this with the taxation department – the important issue is that you demonstrate that it was purchased as an…[Read more]

Hi there,

Yes I bought ticket some time ago and am looking forward to it…

Cheers

MIKALA

Hi GR,
Great idea.
I for one would be willing to chip in to buy the book – I really need to learn a lot about trusts as I don’t understand them and wanted to know if they would suit our investment strategy. This is despite the fact that I have read Wealth Guardian – this seemed to create as many questions for me as answers so was not comprehensive…[Read more]

Hello GR,

Have been busy but am keeping an eye on the forum.
I’ll definitely be attending – has anyone been able to invite any specialists along ?
Toni are you out there ?
How’s your development going ?

Cheers

MIKALA

Hi Camder,

That’s great – will see you all there – shall we bring some food?
We may get a bigger hungrier crowd this time ! Are we still going to have specific topics or shall we play it by ear ?
If specific topic may I suggest the following –
How to borrow for another IP when your borrowings are at 80% lvr (not there yet personally but it will…[Read more]

Hi Toni,

Newtown sounds good and Sunday afternoons are fine
except I’m interstate on the weekend of 1st/2nd Oct – can we make it a different weekend to this ?

Cheers

MIKALA

Hi there,

Redwing is right – I checked this with the ATO..

Cheers

MIKALA

Hi ,
Thought I should clarify part of what I said in my reply in case you misunderstood – your rental income is taxable so you don’t actually get the $3264.75 back (as in your hand)- it will just reduce your tax due or increase your refund by that amount depending on your income situation.
Hope this makes sense…

good luck..

MIKALA

Hi Clueless,

I think everyone would like to know what their property would be worth in 32 years time – the mind boggles !
7th year $1.3 mill
14th year $2.6 mill etc etc etc
I’ll be looking at my teeth on the bedside by that time however back to your question – if you look at property in the UK (property ownership has been going on for a much…[Read more]

Hi there,

From your info it is not positively geared (but very close) unless you have any other tax deductions (any depreciation?)

On 6.95% with a loan of $135,000 (cost plus reno cost , no borrowing or purchasing costs were included I am assuming and which you should allow for) you would be paying $9382.50 in interest, $1300.00 in rates (have…[Read more]

Hi GR,
I agree – I was so glad that I attended and it was great to meet and put faces to the names.
As I said last night I still have a lot to learn and I was able to pick up a couple of ideas from the meeting for which I am grateful.
It was also interesting to hear what others are up to and I will definitely be attending the next group…[Read more]