Forum Replies Created
What makes you think Richmond has any less undesirable types??? I grew up in North Fitzroy, and worked in Abbotsford/Richmond, pockets of which had a mixture of low and upper class socioeconomic groups.
If you don’t agree with Frankston North, it’s simple, don’t buy there, but to “assume” an area won’t grow simply because of a particular socioeconomic class is naive IMO. Trends change, people move, and then again, some less desirables stay…..take a look at St.Kilda, it has some very exxy properties and some very low life characters!!! Other examples (as I mentioned above) are areas such as Ashburton and Ashwood to name but a few. I remember 30 years ago hearing people say you couldn’t pay them enough to live in some of these areas, now these same people can’t afford to!!![blush2]
Cheers,
Jo
Originally posted by Dazzling:
Wondering how people out there are able to glean all of the good lessons learned about property from elderly folk, who, due to computer illiteracy, are unable to contribute to forums such as this.Yes, I did!!! The “old folk” well, maybe weren’t quite so “old” then but they were definitely totally computer illiterate.[blink] And who were these people to whom I can attribute my wealth of knowledge??? MY FOLKS…..errr PARENTS of course!!!
Thanks mum, dad; wish you were here [angel] you’d have been proud!!!
Cheers,
Jo
Hi Jenny,
Try taking a trip down to your local nursery. A simple idea is to put up a bamboo screen (or some other type of plant/vegetation) to camouflage the unsightly structure. We have a huge industrial sized reverse cycle air con system (external unit being outside in our backyard) which we encased in a 6′ foot high screen with a few ferns and other plants in front of the bamboo wall, giving it a very tropical look which was (is) not only easier on the eye, but was very easy on the hip pocket too!!! [biggrin]
Cheers,
Jo
Originally posted by gameone:I had a look at the links that you posted and note that Frankston Heights area is expected to have a -ve population growth. With the hospital, Uni, and the new bulky goods development, why is this?
Hey Pat,
Those links I posted where to help give people an overall view of Frankston (all sectors of) as well as provide details of infrastructure and demographics. As for Frankston Heights projected -ve population growth, this is expected somewhat even though of it’s close proximity to schools, why??? Kids grow up and move out of the area. Also, take it from an old stats-rat from way way back, never take PROJECTIONS as gospel; they are guidelines only. Figures change periodically based on many factors including shift in popular trends. Frankston has yet to pick up steam, but when it does, you will see a huge change in the “projected population” figures. The fact that your blocks are near amenities such as schools, parks, shopping complexes can only work in your favour. People move in and out of areas, but most facilities such as these tend to stay put (well, mostly).
Hope this helps shed some light.[biggrin]
More importantly, I hope you make a speedy recovery; your health is the most important factor above all else!!! [thumbsupanim]
Cheers,
Jo
P.S. Just had a quick read (by candlelight actually…we had a blackout here) of Feb API. If you don’t already have a copy Pat, I suggest you get a hold of one, there is a whole section on the expected boom of Frankston (although this was briefly touched on some back also).
Thought about a 4 x 4 tent once, going cheap c/o an Army Surplus store near home, but as I have an aversion to anything even remotely connected with “camping” I decided to forego this great opportunity for a more popular type of building material; hence the erection of a brick construction!!! [biggrin]
Besides, IMO unless you were going to buy the entire shoes store, anything less than 50m2 is really more fitting for dumbass soles!!! [blush2]No problem Betterbiz,
I didn’t feel you were “attacking” per se, although I could have sworn there was a podium watermark on your post!!! [tongue]
I couldn’t begin to imagine doing your job, nor would I want to. I should think you have had your days of feeling you have been beaten to a pulp by the stupidity stick held firmly in the grips of some of your clients.[wacko]
You may be right; a seachange…..or perhaps a short holiday…..my suggestion; the Cook Islands (Rarotonga or Aitutaki) pure heaven!!![sunny]
Cheers,
Jo
P.S. I’m not really peeved about the quarter mill in CGT; not when I look at the bigger picture!!! [winking]
Betterbiz,
I have been investing in property for 24 years, buying and selling since I was 18; not as a trader, developer or any such business, but for my sole benefit. As I said in one of my earlier posts I am not familiar with CGT for Business, however CGT for individual gains; that I can (and do) lay claims to knowing something about, and sadly, to the unfortunate tune of just under quarter of a million dollars!!! [glum2] Yes, I had some pretty amazing CG in my years post 1985!!!
Notwithstanding, although I plead igorance to the “business” side of investing (that is, as a trader or developer of sorts) I am not that naive as to think that should our beloved brethren at the ATO be convinced of your position as a professional investor, that any profits will selectively by your choosing be deemed eligible under CGT ruling!!! Please, cut me some slack here!!![rolleyesanim]
As per my comment to GP, I will repeat it for your benefit. Being in a position that requires the argument of INTENT is not an enviable one to be in I would assume, and until legislation sets clear delineation as to what is and what is not intent, I would think many unsuspecting investors will find themselves in financial do-do come tax time. Furthermore, if trained tax professionals can’t sort it out, heaven help the layman!!!
The larger your (property) portfolio the more likely it is that you will have to defend the position that you are NOT conducting a BUSINESS.
I have never been challenged on this, and at one point, I had over a dozen properties (not including my family home); perhaps they overlooked it seeing as I was already paying out such huge dividends as the result of massive profits from sales proceeds??? [tongue] Thanks for the tip on “Am I in Business” I will make a point of securing a copy. I have run a successful business prior to retiring from the paid workforce in 2002, although it was not in the business of property trading.BTW….I’d get a real kick out of a debate on the infamous (Keating) abolition of negative gearing and the catastrophic impact it had on various aspects of investing for the short time before it’s reinstatement only a few years thereafter. I don’t put anything passed out pollies!!! You just gotta love these brockoffs don’t you??!! [blush2]
Cheers,
Jo
Fair call GP [biggrin]
I do see your point, and yes INTENT is a tough point to argue, hence I’m glad it’s not me trying to prove mine.
Also, agreed that unless you are claiming a loss, if you can get away with claiming any profit as CG you stand in a much better financial position (tax wise). All in all, ANY loss (property or shares) is best offset against your income.
Perhaps the most poignant of statements here GP:
Unfortunately the ATO has the upper hand
Ain’t that the truth!!! [glum2]
Gumshoe, as suggested SEEK A TAX PROFESSIONAL’S ADVICE…..someone like Julia (Bantacs) perhaps as this is not cut and dry situation.Cheers,
Jo
Redhaven,
Try these:
Street Directory
http://www.street-directory.com.au/aus_new/index.cgi
Great maps for all statesWhereisonline
http://www.whereis.com.au/whereis/home.jsp
Great maps for all states including Directions Guides to help with mapping out routesLand Channel Map
http://services.land.vic.gov.au/landchannel/content/interactivemap
You can zoom into individual blocks of landNot sure if you want/need last one, just wasn’t sure if you meant “block” as in street block or block of land, hence thought I’d throw it in for good measure JIC.[biggrin]
Cheers,
Jo
Yes GP,
But LAND is not CGT exempt UNLESS you build your PPOR on it. Should you choose to build a revenue generating property on same (using the above INTENT example) it will still be liable for CGT at 100% rate (<12 months) or 50% (>12months) discounted rate.
I am not familiar with CGT FOR BUSINESS ventures, however it is my understanding that this INTENT is difficult to justify on personal gains transactions, and as such if gumshoe in not in the business of trading IPs how would he argue this “intent”??? Regardless of whether the revenue is classed as CG or not.
But all in all, why would you not want to claim any profit of sale as CG (as opposed to income) when you can be eligible for 50% discount whereas you normally would not if calculated simply as income???
Cheers,
Jo
Hey Marisa,
While you at it, have a read of the replies to same thread in SS (there is only a handful).
http://www.somersoft.com/forums/showthread.php?t=19096
Cheers,
Jo
Oops sorry Derek,
Should have been more specific, this unusual occurrence did not happen at the same time as it did here. The 600+ figure happened some weeks ago, and has since been forgotten.
Perhaps there was a full moon that night also!!![biggrin]
Cheers,
Jo
More than likely not Derek,
A similar thing happened in SS with some ridiculously high figure (600+) which was (as you have done) also queried.
Probably just a computer glitch, however on the flipside, there may well be a lot of “night-owls” out there!!! [biggrin]
Cheers,
Jo
Originally posted by betterbiz:Hi CRJ (& Gumshoe)
Thank you for the summary on the issue.
One issue that was not mentioned, and one that Gumshoe needs to be careful of, is that of the investor’s intent when the asset (in this case property) was purchased.
In Gumshoe’s case the stated intent is to settle on the land, build a dwelling and then sell it for gain.
This places it clearly in the ‘income’ bracket and NOT the ‘capital gains’ bracket. This being the case Gumshoe it wouldn’t matter if you held the property for 5 years after it’s completion (renting it out in the meantime), the original INTENT was one of profit.
You may want to review and perhaps document your intentions [biggrin]Betterbiz,
Could you please indulge me here and tell me where on earth you got this INTENT information from???[blink] Of particular concern, is your comment (as I have highlighted in red) which basically implies you can buy, build, rent for 5 years and then sell all CGT free based on your INTENT.
INTENT does not come into this at all.
The only possible way it could be considered is IF gumshoe had a loan for the land, he may be entitled to claim the interest paid as a tax deduction because it was his INTENTION to erect a revenue generating building on it, or he intended to onsell it (as seems to be the case here).
This may be applicable if PI is what you do as a BUSINESS, in which case, there are other criteria that has to be met to satisfy the use of INTENT.
However, this is not a guarantee and advice from a tax professional is highly recommendedCGT is always payable on land UNLESS:
You build your PPOR, and
You move into it immediately upon completion, and
You move in for no less than 3 monthsThe CGT is reduced by 50% upon ownership of the land for a period of no less than 12 months.
And as I already stated in my first post, CGT is calculated from CONTRACT DATE OF SALE not settlement.
Cheers,
Jo
Capital Gains is calculated from contract of sale date.
That is, from the time YOU bought it in Oct 04 (not settled on Apr 05) to the time YOU sold it (not the time the purchaser will settle).
Nah, I’m not keen on green tights!!! [biggrin]
Hi Marisa,
Thanks to one of the posters in SS, I thought this may be of interest to you. Take a look at the table of Estimated Resident Population in Major Regions in particular halfway down this list is Mandurah (WA) showing population growth of 4.02% between 1998-2003.
Cheers,
Jo
Awwww shucks [blush2] thanks Wayne,
Yes as I said, initially it was all about breaking the boredom, but once you really get into it there is no looking back. I can’t recommend highly enough, that at some point, everyone should try and volunteer some of their time to helping others; it is very life changing for all involved.[biggrin]
Cheers,
Jo
Originally posted by bwendan:I’m not too sure, but at the moment it seems to me that chartered accountants are more qualified, what do reckon guys?
Based on what has already transpired, albeit still on a friendly level, your question is a loaded one and I believe Bwendan it would be a better idea to remove this part of your post to prevent any further argument in this seemingly “hair splitting” exercise.
You have ascertained the difference between CAs and CPAs, now make up your own mind without dragging it/anyone else into the boxing ring!!! [offtopic]
Jo
Originally posted by setmefree:
1. How long it took to achieve financial freedom.
Hmmm…since I was 11 and working after school (many many moons ago).2. How long ago and at what age.
I retired from the “paid” workforce in 2002 aged 39. I set my mind to retiring before I turned 40 and I did so (just months short of my target)3. What do you do after : change career, run a business, lying on the beach etc.
No I ran a (very successful) business just prior to retiring, an achievement I am proud of but which I don’t envisage doing again. Being your own boss has it’s perks but you can (and often have to) work longer than if you were working for someone else.I once thought that retiring meant all those “lazy” things; lying on the beach for days/weeks, skiing the alps for months, and generally bumming around. And at first this is what you tend to do, but after a while it gets boring…..so the next best thing is to go to work because you want to, because the time you put in means something (other than profit) to someone.
I started off volunteering out of boredom, but soon I found I was working harder and longer hours, not out of necessity but because it changed lives!!! For me, seeing positive results that makes people happier and healthier is my ultimate reward.
We all get there, in our own time, and at our own pace. And it doesn’t matter how you get there, but how you live your life while you are travelling towards that destination. [medieval]
Cheers, [sunny]
Jo
