Forum Replies Created
Take your time – don’t be in a huge rush to spend that money!
Do lots of research and planning.
All the best,
Simon Macks
Finance Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
i recommend Scott for a depreciation schedule.
I am a little concerned about your level of knowledge re running an IP. Please do a lot of reading here and elsewhere and considerd buying one of the many landlord manuals available.
You can only claim repairs on your tax. That is repairs due to tenants. Repairs prior to renting are not tax deductible, nor are improvements.
Scott has made some good suggestions and you wouldn’t go astray if you had a good chat with him over the phone.
Cheers,
Simon Macks
Finance Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
I am doing it too with a 5 bedroom place near a major uni.
So far it has been a very positive experience with few problems that weren’t easily dealt with. A little more hands on than normal rentals but you can have them professionally managed if you so choose.
I would consider another one.
Simon Macks
Finance Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
I have never met him but have read much of his stuff.
I get the impression that people do not have any middle opinions of this guy – he is either loved or hated!
Simon Macks
Finance Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Your lecturer was telling you about some serviced office rental opportunities? He thought his students were ready to occupy commercial premises?
This has to be some pretty thinly disguised spam.
You can do better than that [withstupid]
Simon Macks
Finance Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Thats it. Just get a QS in!
He writes a report and you claim it each year.
Cheers,
Simon Macks
Finance Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Perhaps you can get the solicitor to use the breach of contract to negotiate an extension to your settlement and change over to a better broker. Give him time to work tho!
Cheers,
Simon Macks
Finance Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Take the $100 from the agent and put it down to experience [cap]
Sounds like a very small issue and one which you may well regret should you try to fight it.
The negative energy being created will be detracting from your real life and also bogging your mind down!
Move on but don’t forget the lessons learnt is my advice.
All the best,
Simon Macks
Finance Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
In NSW anything fair wear and tear does not need to be repaired between your initial inspection and pre settlement einspection – that’s how my solicitor explained it.
I was trying to get some floor damage repaired which was caused accidentally the week before settlement.
Cheers,
Simon Macks
Finance Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Pre aprovals are a marketing tool for the lenders. They are conditional on several things in most cases.
Don’t make the mistake of thinking that they are binding agreements that the lender must honour.
Cheers,
Simon Macks
Finance Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Personally I would look at comparable sales in the area and take a drive past theses properties to see how they compare.
House and land replacement values might not relate to what the market believes the property is worth.
Cheers,
Simon Macks
Finance Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Constructing, renovating or repairing a dwelling on land you already own
Generally, if you build a dwelling on land you already own, the land does not qualify for exemption until the dwelling becomes your main residence. However, you can choose to treat land as your main residence for up to four years before the dwelling becomes your main residence in certain circumstances.You can choose to have this exemption apply if you acquire an ownership interest (other than a life interest) in land and you:
build a dwelling on the land
repair or renovate an existing dwelling on the land, or
finish a partly constructed dwelling on the land.
There are a number of conditions that must be satisfied before you can claim the exemption. You must first finish building, repairing or renovating the dwelling and then:move into the dwelling as soon as practicable after it is finished, and
continue to use the dwelling as your main residence for at least three months after it becomes your main residence.
.Here it is Jo. I learn something new every day!
Cheers,
Simon Macks
Finance Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Brad,
Now I have done the search I might as well post the results for your and others benefit.
Tells us at:
Is the dwelling your main residence?
The following factors may be relevant in working out whether a dwelling is your main residence:the length of time you live there – there is no minimum time a person has to live in a home before it is considered to be their main residence whether your family lives there
whether you have moved your personal belongings into the home
the address to which your mail is delivered
your address on the electoral roll
the connection of services (for example, phone, gas or electricity)
your intention in occupying the dwelling.
A mere intention to construct or occupy a dwelling as your main residence – without actually doing so – is not sufficient to get the exemption.In certain circumstances, you may choose to treat a dwelling as your main residence even though:
you no longer live in it (for more information, see Continuing main residence status after dwelling ceases to be your main residence), or
you are yet to live in it but will do so as soon as practicable after it is constructed, repaired or renovated and you will continue to live in it for at least three months (for more information, see Constructing, renovating or repairing a dwelling on land you already own).That there is no set minimum period of time.
But Jo may have something more up to date on this one.
Cheers,
Simon Macks
Finance Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Originally posted by Monopoly:Brad,
This question has already been answered for you, my me and others in a previous thread; why are you asking EXACTLY the same question? As her PPOR she MUST live in it for a min. of 3 months.
Go back and search through your archived posts and you will find it again.
Cheers,
Jo
Jo,
Where did you find the reference to three months?
I have been through the ATO website and it doesn’t suggest a time frame. Would appreciate your source here please.
Cheers,
Simon Macks
Finance Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
If it is her home then it is exempt from CGT.
I don’t believe there is a minimum time frame but suggest you call the ATO and get it straight in your own mind.
Cheers,
Simon Macks
Finance Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Charlie – 2 posts and both almost identical.
Spam
Simon Macks
Finance Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Smells like spam to me…..
Simon Macks
Finance Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
That is correct.
Simon Macks
Finance Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Call the council who should be able to tell you when it was built.
Cheers,
Simon Macks
Finance Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Does he have a copy of the lease agreement showing it is $300 pw?
He should speak to the Principal of the agency. If dissatisfied he needs to go to the Dept of Fair Trading and/or the Real Estate Institute in your state.
Let us know how he goes.
Cheers,
Simon Macks
Finance Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
