Forum Replies Created
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 Ben
I'll give him a call.
Have a great week
Regards
phlang
Thanks duckster
I'll do a search for both in my area
Regards
phlang
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 start implementing thier ideas in December / January.
Thier site for more info is
http://www.renovationsuccess.com.au/Let me know how you go
Thank you Tommygun & Sonya
Your comments are much appreciated and it's good to hear from people with experience.
Regards
Phlang
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?
phlangI 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 are good and employment is stable, yields are around 7%. $425,000 with a rent of $550.00 – $600.00 if you look around. Which seems good to me (the novice that I am).
There is a proposed Bunnings going in (weather that is a good thing or not????)
10 yr growth is 15.9% (which I know is not a indicator for the future, but still is good past performance)
Large growth of residential estates on the south of the town, and house construction is constant with rental demand still seems strong.
But I am leaning towards Adelaide because of the saving of stamp duty and a greater deposit (which would be a saving of paying Mortgage Ins).
I keep you posted
Thanks for your comments
phlangHi 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) , OR
Since we plan to relocate to Adelaide in Sept 09, keep the money we have set aside and buy a do up property in Adelaide (Approx $250,000 – $300,000) renovate and live there putting down 15-20% deposit (to lower M/I and Stamp Duty) and use the increase in equity and savings to purchase Emerald PI at a later date??????????????????Need help
Look forward to some other thoughts to our crossroads
phlang
Thanks
I didn't know that. Something new I have learnt.
Regards
I'm 24 and have an IP that pretty much pays for itself
How can you qualify for the FHBOG when you already have already purchased property in the past?????
