Thanks for that Tracey, I believe the margin scheme has been put in place, but I will check it out with my accountant.Cheers

Yes (entity – partnership) is registered for GST. So does that mean $46,359 has to be paid as GST ($510K – 1/11th) minus any GST credits we have?? 

Terryw wrote:
Actually I think it should be 1/11th of the sale price.You will be able to claim GST on items purchased for the development though. Did you pay GST on the purchase?

No I didn't pay GST on the purchase

Thanks Terry, but I was looking for a more accurate explanation. I don't think $51K is correct.I thought you would only pay GST on the cap between the purchase price and the sale price minus any GST credit components that we received from the development cost to sub divide.Has anyone experienced this senerio.Thx

Thanks BenI'll give him a call. Have a great weekRegardsphlang

Thanks ducksterI'll do a search for both in my areaRegardsphlang

bjsaust wrote:
Anyone got thoughts on this course or any others?

I have just completed the Reno Kings 5 week course and found it great wealth of information to get started in renovating  to build wealth in property. It is informative and a great place to start. The cost was around $490 and well worth it, gave me great ideas to go ahead and…[Read more]

Thank you Tommygun & SonyaYour comments are much appreciated and it's good to hear from people with experience.RegardsPhlang

I would love to but have already purchased property back in 1995  and sold in 2004 (at the time was no grant available),which I believe would not entitle me to take up the FHOG/B offer .Unless you have any more ideas that I could do to qualify for the grant?phlang

I just feel Emerald has a lot of growth potential due to increase in mining development ( new mines opening up & others increasing there output for 2010).Business in Emerald seem to be trading pretty good . Plus Emerald has a solid Agriculture resouce history, so it is not solely dependant on the mining industry (unlike Dysart & Moranbah).Incomes…[Read more]

Hi all, We are deciding to purchase an Investment Property (approx $400,000) in Emerald (Central Queensland Mining / Agriculture town) with having it positive geared at a cost to us of $45,000 (5% deposit plus Mortgage Ins, Stamp Duty etc)  , ORSince  we plan to relocate to Adelaide in Sept 09, keep the money we have set aside and buy a do up prop…[Read more]

ThanksI didn't know that. Something new I have learnt.Regards

I'm 24 and have an IP that pretty much pays for itselfHow can you qualify for the FHBOG when you already have already purchased property in the past?????