Sonja,

In a couple of our IPs we have air con, and I tell my tenants NOT to try and fix them if they think they are broken, and as far as maintenance, I just get someone to check them periodically (although I have been slack lately). Basically, if it’s not working my tenants know to tell the PM who will inturn notify me that a repair person is to go out.

Refer to the Tenancy Tribunal booklet (as I think someone mentioned above) that should provide some guidelines.

But whatever you do; DON’T GET ON THE ROOF!!! But if you do, keep in mind the 6 digit figure you want as a payout for any possible injuries sustained. I reckon a cool million these days is nice, but a hot 2 would be better, and would certainly raise your landlords temperature!!! [bawl]

Cheers,

Jo

P.S. Oops nearly forgot…..the warranty is not your concern, that should be in the possession of the owner of the unit, in this case your landlord, or at the very least with the PM. Do not accept responsibility for having this document in your possession.

Sonja honey, you really should get off that box before you hurt yourself!!![tongue]

No seriously, thank you I appreciate your kind words.

I think what we all need to remind ourselves that this medium of communication is open to misinterpretation. As long as we remember there are REAL people behind the text that appears before our eyes, and that they are just like us, with real feelings and emotions, we would post in a much friendlier manner.

Cheers,

Jo

You would be CGT exempt because it was your PPOR and although you moved out to use it as a revenue generating property (rental) you have 6 years in which you can do this, provided you do not claim another property as your PPOR at the same time. But even if you do, you have 6 months transition in which time you can do so. And from Sept 04 to now still qualifies you as being able to do the latter anyway.

There are 2 methods of CGT calculation (discounted and indexed), a guide using discounted is as follows:

The profit from the sale of 52K is discounted by 50% leaving a taxable profit of 26K. Then this 26K is added to your taxable income for the year; taking your total taxable income for that year (50+26) 76K and you will taxed on that amount as per the normal scaling system.

The reason WHY you moved out (ie. bad neighbour) is of no interest to the ATO and has no bearing on the amount of CGT.

Hope this helps somewhat.

Cheers,

Jo

Yack,

How do you propose to put a caveat on a property you have just SOLD and more importantly, SETTLED??? [blink]

The purchaser’s solicitor probably won’t give the discrepancy a second thought UNLESS there is money in it for him/her, in which case, he/she is representing the purchaser who incidently was the one availed of this discount by default, and as such is hardly going to act in the interest of the vendor.

The only POSSIBLE out of this predicament is to try and get the (vendor’s) solicitor at fault to remedy his/her costly mistake which has financially disadvantaged their client.

Basically, what’s done is done, and if nothing else serves as a good (albeit harsh) lesson to ALWAYS CHECK YOUR FIGURES especially if you are the one coughing up the dough!!!!

Cheers,

Jo

Hi Del,

Geez sorry to hear that!!!

I’m afraid it will be a battle, one that could end up costing you more to try and retrieve the money than it would to cut your losses.

My next door neighbour was in the exact same situation as you, and they couldn’t do a thing. If the purchaser paid his/her money, and the settlement is finalised, that is pretty much it (on their part that is). You CAN however try and recoupe this from the solicitor as it was his/her mistake, as legally the purchasers have met their obligation and they are technically out of the picture.

Good luck and keep us posted.

Jo

If by classic you mean “aged” then that’s me….I’m a classic property investor!!! [biggrin]

As you purchased the land and were in the process of building your PPOR (and as long as you are not claiming another PPOR atm; that is you are renting) then you should be fine, and you can proceed with your plans as you outlined.

Sorry to hear about your relationship break-up; never a nice thing to happen. [glum2]

No, because CGT is calculated as from Contract of Sale date, not settlement date. By the way, CGT is applicable if you sell under 12 months, not 6.

I too have far too many to name any real favourites, however, the flavour of the month (which btw started 6 months ago) for me, is:

Whatever floats your boat…….[biggrin]

[blush2] Awwww shucks Byronent; you’re too kind!!! [kiss]