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  • Profile photo of MJKMJK
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    @mjk
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    January 13, 2004 - 5:02 am

    So I rang the OSR and one of my properties is not comming up on there computer??? They said don’t worry when we find it we will issue a notice.
    They said I didn’t need to contact them for assessment. They will contact anybody who is over the threshold. Without one of my properties in the database I was below last year.
    Is this a good thing? One wonders?[8]

    MJK

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    January 13, 2004 - 4:41 am

    Thanks ChanDollars,

    Perhaps thats what I should do.

    MJK

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    January 13, 2004 - 3:42 am

    Thanks Erika,

    I did wonder if they would send a bill.
    They didn’t last year.
    I must have been just under. This year I should come in around 500k unimproved. Ouch! Lets see if they send a bill this time.

    If they dont send one I suppose I’d better apply fo assesment.

    MJK

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    January 13, 2004 - 3:33 am

    Actually no Mel. I’m talking your home town. Brisbane. The post was originally started by a NSW person but I’ve hijacked it.

    I did have a look a the qld website but I wanted to her personal experiences.

    MJK

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    January 13, 2004 - 3:28 am

    I just bought my first commercial last year.

    I think youve got to be ready for it. If my tenant moved out I would have to pay $2800 in interest to the bank every month without income where as if a tenant moves out of one of my houses it will only cost me $700 per month.

    Now if a residential tenant moves out I expect to get another in 4 weeks

    If my commercial tenant moves out I expect another tenant in 4 months. So I have to come up with $11,200 in the mean time.

    I am getting 9% plus great depreciation in a good location. I would think a 25% return in commercial would be a very risk filled proposition. Be sure the tenant is not the vendor!

    MJK[:D]

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    January 13, 2004 - 3:13 am

    Soooo……. no replies means nobody is paying land tax ?[8)]

    MJK

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    January 12, 2004 - 7:49 am

    Its no big deal.
    Just let your agent handle it.
    It will be easier if yiu sell through your property manager/agent as they will know the tenant.
    If your selling you don’t have to worry about the tennants leaving as much do you?

    MJK

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    January 12, 2004 - 7:45 am

    So what do people do?

    Do you pay the tax just before the end of the financial year so as to get your refund asap ?

    Do you lodge for land tax separate to your tax return or with your tax return ?

    MJK

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    January 12, 2004 - 2:22 am

    Land Tax is tax deductable isn’t it ?

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    January 12, 2004 - 2:21 am

    So do you go by the unimproved valuations on your rate notices or do you have to lodge for assesment ?

    MJK

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    January 7, 2004 - 1:26 am

    How can you submit a return when they havn’t given you all your land valuations ? I received 3 valuations but still have more properties with no valuations yet. ( example from QLD. )
    Do they submit valuations to oners annually ?

    Also land tax is tax deductable isnt it ? So how is this recouped when you sell if you havn’t been paying or claiming it.

    MJK

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    January 7, 2004 - 12:35 am

    Personally Kay, I think there is a time to stay out of the property market ( that is new purchases ) and that is now.
    Rental returns need to improve and capital growth in most areas has probably done its dash.
    I’m not saying there will be no growth in the future, all I’m saying is entry into the market may be better timed in a year or two.

    MJK

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    January 7, 2004 - 12:23 am

    Their Median prices and growth rate seem to be a bit conservative also.

    MJK

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    December 10, 2003 - 12:59 pm

    Damian,

    When I purchased my commercial property the offer was subject to a ” deed of extension to the lease” for three years. Once the offer was accepted this was written into the special conditions of the contract so that if the extension was not signed the deal would not go through.

    MJK

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    December 4, 2003 - 2:08 am

    Rent seems too high and unit too cheap!
    At 90K in the Brissy CBD it must be an undesireable unit ? Why would anyone pay 250 PW for an undesireable unit ?

    OK so if its all true, go for it. The figures stack up as a cash flow option. Forget about capital gain though if it is an undesireable unit.

    Paying rent will never help you get ahead.

    Re the suburban unit. I thought most 5 KM radius units where about 150,000 for 2 beds. Same deal sounds too cheap.

    Be careful. Do your checking.

    MJK

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    December 2, 2003 - 6:21 am

    Sounds about right. I recently purchased a commercial property as an “ongoing concern” and it was not subject to GST. It’s the way to go I reckon.A quick phone call to your accountant may reassure you.
    I still registered for GST and got an ABN because I am collecting GST with the rent.
    If commercial rental income including recovered outgoings is over 50,000 you have to register and collect.
    Not paying GST on the purchase is a bonus because you dont have to finance an extra 10% and wait to get it back.

    MJK

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    November 5, 2003 - 7:37 am

    Hey Fudge,

    Where you gonna get a property fot 160k that rents for $280 pw ?

    MJK

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    November 3, 2003 - 7:05 am

    Email sent.

    Perhaps I sould say that I don’t think my agents will be the type to find “11 second rule” properties, although the commercial property is, it was $470,000 which may not fit everyones criteria.
    The residential agent found me capital growth properties that I could nuetrally gear.

    MJK

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    November 3, 2003 - 6:34 am

    Sent an email to you.

    MJK

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    November 3, 2003 - 6:17 am

    There was a post on favourite books a while back you could search for. I think books are the best way to learn apart from doing.
    What you will find is most books have a different slant and you’ll have to work out the best approach for you.

    EG.
    Positive gearing – Steve McNight 0-30
    Positive cashflow – Margaret Lomas ( author. )etc…
    Capital Growth – Seven Steps To wealth – John Fitzgerald
    Conceptual – Richest Man in Babalon
    & rich dad poor dad.

    You could spend some time on the forum.

    MJK

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