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  • Profile photo of PerthitePerthite
    Member
    @perthite
    Join Date: 2003
    Post Count: 3
    May 18, 2003 - 6:31 am

    Hi,

    Firstly, you aren’t stupid. Anyone who is remotely interested in their financial future is already smarter than 80% of the country.

    Even tho your existing house will become an investment house, you still won’t pay CGT on it unless you sell it.

    In response to your second question, it probably is a good idea to convert your non-tassie house to I/O to improve cashflow. This depends a little on where abouts it is ie, whether it fetches mega rent, or has poor yield but great growth prospects. If ya talk to a competent mortgage broker they will provide good advice since they have probably seen a similar situation before.

    -Regards

    Dave

    Profile photo of PerthitePerthite
    Member
    @perthite
    Join Date: 2003
    Post Count: 3
    May 15, 2003 - 4:15 pm

    Hi,

    You can get a little more value out of that property if you claim depreciation. (Assuming you’re not already).

    For the building itself, you can claim 2.5% of it’s value until the building is 40 years old. There is a slightly different rate if that property was built between ’85 and ’87 but thats a long story.

    Also, things such as carpets, blinds, fittings, chattels are also claimable.

    In order to claim this you need to get a Quantity Surveyor to check out your property. http://www.deppro.com.au is one such QS, there are many others. They will give you a report, which you can show your accountant – and s/he will know what to do with it [:D]

    Hopefully you’ve already done this. I’ve seen on some $350k properties an $8k per annum deduction – just for depreciation. This helps [8D]

    – Regards

    Dave

    Profile photo of PerthitePerthite
    Member
    @perthite
    Join Date: 2003
    Post Count: 3
    May 13, 2003 - 3:04 pm

    Wow MiniMogul, that sounds fantastic.[:D]

    How did you come across the block of flats? Were they on the website you mentioned (Which property type would they come under?), or did you find them through an agent?

    Any agents you’d recommend in those areas?

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