Forum Replies Created
Dave
beware of realestate agents bearing large gifts.
Ask agents to pre-qualify your buyers financehave a good trip
Alf
my wife and I bought a house Dec 2002 and sold June 2003.
Profit $32k was split across both our incomes and tax paid at our nominal rate of tax.
If we had sold after owning the property for 12 months, then our accountant said that 50% or $16k of profit would have been tax free and the other $16K would have attracted capital gains tax.
Building and fittings depreciation I’m not 100%sure about. I do know that building depreciation can vary depending on the age of your building.
Good luck and try another accountant. Find one that specializes in real estate investing.We have just been thru the consultation process with our accountant and she has advised us to set up a family trust if we get into positively geared property.
But only because of our current 5 year strategy. Seek professional advice as this can vary with circumstance and intent.
Professional advice can cost you a little and save you a lot. Doing it yourself can cost you a lot and save you little as we recently found out.
Good luck
Papajoe
Thaks Japanscott
I was wondering the same thing.
Now I am enlightened
Papajoe
Hi enduser
A “dutch auction” is a common strategy with real estates and some private sellers. The anxiety created at the thought of someone outbidding you can often lead to hasty decisions and paying too much for a property.
They can list a property for whatever they want but a property is only worth what you are prepared to pay for it.
My wife and I always make a written offer with our own conditions on it. If the vendor accepts, great, if not we move on to the next one.
Take emotion out of the equation, set your own criteria to your purchases, set your own price based on your own research, include “out” clauses such as subject to finance, building and pest inspections etc, then go for it on your terms.
If you have to make thirty offers to find the one that works for you, then that’s what you do.
Anyway, good deals are there if you look hard.
Good luck
Papajoe
Good deals are available in the market. My wife and I have been looking at what’s happening and where since last year and about 3 weeks ago found one that read like this.
Sunnybank in Brisbane. Asking $430,000 with rent just short of $1,000 per week.
We are not in a position to buy but would have gone for it if we were. Sold within 48 hours of the listing being posted. Found it on some obscure real estate site I stumbled on by accident.
Would we have been mad to apply the 11 second rule in this case???
Best wishesPapajoe
Hi guys
an extract from the NSW Department of State Revenue.
Please consider your options very carefully as any profit you think you are making can easily be eroded with the stroke of a pen.
Penalties
Q: What are the penalties for providing false or misleading information?
There are substantial penalties for making false or misleading statements in, or in connection with, an application.The Office of State Revenue, as part of its role in administering the First Home Owner Grant Act 2000, conducts investigations and compliance checks to ensure applicants are entitled to receive the grant. A penalty of up to $11,000 may be imposed for knowingly making a false or misleading statement in, or in connection with, an application.
In addition, the Chief Commissioner of State Revenue can, as a result of an applicant’s dishonesty, also require the applicant to repay the grant and impose a further penalty equal to the value of the grant paid.
Regards
Papajoe
The Australian Government has a site dedicated to information on FHOG. A search on Google.com.au will bring you to the site. The official stand is that you must live in it for 12 months before you can flick it on to investment. If you rent up front then you will be required to pay back FHOG and donate a substantial penalty. One possibility is that the recipient of FHOG lives in the property and rents rooms out to friends. Good luck to the kids. Trying to do the same for mine.
