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thanks Bren. It makes me wonder though: why would it be more expensive in Melb? Just a higher mark up for profit? Or not as accessible as Central vic?
Sorry, but you didnt even answer one question.
I believe the "secret" is to claim your "INTENTIONS" are to keep/rent the properties, not sell them. That should help.
Bear in mind guys we are not comparing “apples with apples” when comparing H&R block with fully qual’d accountants. I had a (1 & only) experience with the “just-out-of-accounting-school” H&R mob: the 20-or-so-ish year old had absolutely no idea about investing, terminology, tax strategies & didnt even know what full entitlements & deductions a property investor is entitled to! And they still had the cheek to try & charge me! (Which I point blank refused). So,one needs to be aware of “quality”, not “quantity”.
Also make sure the person you borrow off then claims any interest earned off you as income. Or the big bad tax man might get you[fear]
I wonder…..if you can add ” or nominee”, would that mean you could on-sell it before settlement to anyone??
I am thinking this may be a great way to avoid a double stamp duty if you can quickly find a new buyer (eg as in a flip, or rejuv job)I am even more confused now! [confused2]
I have had many conflicting opinions on this. Someone just told me they heard it is a legal req’ment deposits be held in agents trust, but that now interest goes to Gov’t!!
Also, the agent tells me by using a “section 27” I can access the full deposit, as the buyer has agreed to it. Does anyone know anything about legalities of a “27”??
Also, Stuart, I think I confused you. I am the seller,not buyer. So the funds to be acruing interest will be to my advantage, as long as I get the interest!
The buyer has paid 20% deposit, over up to 12months s/ment. SO it could add up to a nice sum.
I might pose this qu in “legals” as well, but any further thoughts??What area/ state?
There may be some in the forum (even myself) that may be interested in “hunting” for you for a spotters feeCool suggestion![suave]
nothing to do with your question…but just have to say “hear ye! Hear ye!” to your comments Stuart on what “should” happen to a lowly thief. Had a good ol’ laugh at that.[biggrin] Although I dont think too many thieves would live to actually get to court, if they were caught…..[biggrin]
Here’s my contribution to plumbing stories:
1) Young plumber turns up.I question if he needs to be shown where the water mains are,he says “No need.Wont need to turn it off”. I thought this very odd,considering he was installing a new loo.But,stupidly figured he being the tradie,he would know best.Next I hear the horrible sound of gushing water, & swearing plumber….(& swearing me…).Only after much frantic fumbling in the bushes did plumber realise the house was so old,that there was NO MAINS TAP to turn off! Pipe ran straight into house.So,while my toilet & hallway flooded,plumber frantically dug up my front lawn to cut the pipe to seal it off…then installed a mains tap..for free.Needless to say i struck him off my list.Moral of the story? Insist on showing them mains before job.Make sure you check they are insured.Trust your instincts,dont just assume a tradie knows best/all.
2) Another house…bobcat digs up water line…
Lines are apparently fixed.Tradie goes home.Taps inside get turned on..nothing but spluttering & mud.Moral of the story? Plumber was angry at ME (go figure) for calling him to rectify problem.Begrudingly returned to clean filters & flush the lines.
Moral of the story? Make sure you check the job, in front of tradie BEFORE THEY LEAVE, whether they like it or not.
I would also recommend taking befor & after shots when work is to be done.It takes 10 seconds on a ph or digital camera, & could be the proof needed to save a lengthy dispute.
Other tips:
1) Lurke around when they are working (but dont get in ther way). You may learn how to do something that will save you having to call them another time.
2) Treat them accordingly.If they are nice, offer them cuppa,etc. But if they are rude….[angry2]
3) Limit your chit-chat. You will be suprised how many will charge you for time they just spent chatting![angry2]
4) Advice from plumbing storesman is offered freely, & will give you an idea of what you may need.This may help stop you being ripped off, or to be spoken to like you are a bimbo.[angry2]
As a final comment, I have now been waiting on a plumber to go & fix a problem he has willingly admitted is his fault (loose pipe) for aprox 4 months now.[angry2] After many,many calls & promises of “Tomorrow…sorry,i forgot…next Monday (Oh yeh, & pls be there to let me in…)etc I have given up on him.I bet if it was a job he would get paid well for he’s find the time!
Anyway,that’s my big bitch session.Hope it helps someone avoid the same.[biggrin]Thanks so much for such an informative reply!Much appreciated.
I would be keen on being kept informed if anything comes of this idea,pls.
I wonder what the blood sucking leaches would do if you (owner of property they are sqatting in) just moved in with them, became more obnoxious than them, ate their food, used their power,water etc? Do you reckon they’d move out willingly then?[biggrin]
Excuse my ignorance…but what are “Grey nomads”?
Sounds like a gang? In which case i bet the locals would have ’em booted out in a flash!
i agree that the council would be the 1st port of call. See what regulations they will need you to comply with.Probably water,sewerage (or septic) & at least “temporary accommodation” reg’s. Good luck.Thanks 4 all the comments. i contacted ATO. Bunch of ….. Told by 1 lady I had to send in for a private ruling! (Which seems to mean “I dont know,& cant be bothered to find someone that can help you”. The big “hand-ball”)
I told her last time they told me to write in for a private ruling,they took 30 days to respond,then asked for more bloody details-stating it may take up to another 30 days for an answer! I said there is no way I am waiting at least 30 days for an answer to such a simple question “so put me onto someone that can answer”. And, low & behold, I get transferred onto a lovely lady that tells me that,yes,it is recognised by the ATO as a legit deal, & therefore expenses are claimable.They claim that b/c there is an official “installment contract” in place,it is all honkey-dorey.
Just to let you know,I first tried asking my accountant (apparently with about 15yrs exp) if he’s ever dealt with wrap deals.Answer: “No, but if you ring my boss…..he will surely know”. So, I did. Mr X of R.J. Sanderson accountings’ (rather rude) response:
“It is not recognised by the ATO…I would not get involved in one of these deals…”
I was/am very annoyed when people (especially that claim to be specialists in a field) that have NO IDEA about something dog it.He then proceeded to try & get info about it from me!(rather hypocritical i thought)
Anyway,the motto of the story?
Keep askin’ till you get the right answer, & dont let ANYONE try & kill your dream.[biggrin]
After all….where there is a will, there is a way!thanks Paul. I gather by the lack of response to this post that it is unusual, & people jsut dont know the answer.So I think I’d best confirm with a wrap-specialist accountant before stepping in.
So what happens then if the wrap property is used as investment prop (ie; rented out) by wrappee?
Would that then give the wrappee the rights to claim expenses & depreciation???Yes, i have a property near there.Obviously it depends on the million variables as to what sort of info you want/will get.
I can tell you that it’s been a right pain in the …. to build, & unless I am prepared for a nervous break down will never try again in that area! (mainly due to strict environmental rules, & “difficult” site).
However, the property is now a very good asset,now very good equity .Good luck!Thanks Kerwyn.
