I’ve seen on other reno sites, reno’s talking about Ikea for some of the gear you are needing, at a reasonable price.

http://www.ikea.com.au/TemplateHome.asp?page_id=33612300051006&se_id=22&site_id=30005

The answer to your questions is yes and yes, if you don’t have a right off . Use this ATO site to calculate just how much you’ll owe or make, just add your incomes together and enter them into that sites program.

http://www.ato.gov.au/scripts/axos/axos.asp?CONTEXT=&KBS=Stax001i.xr4&go=ok

Hey Westan, there’s a second part to the joke about the asparagus farmers’ zebra.

The zebra and the bull both die and go to Heaven. After wandering Heaven for a few days the zebra asks the bull: “Am I black, or am I white?” The bull suggests the zebra ask God.

The zebra returns an hour later with a puzzled look. “God said: ‘You are what you are’ .. What do you suppose He meant by that?” The bull says: “Ah, you’re white then .. ’cause if you were black he would have said “You is what you is”

Phil

If you would or read some of the previous postings today you would of seen this one. A property Broker, they specialise in locating renovators and investment properties for their clients. [!]

Little Johnny goes to school one day with a new sports watch and show all his friends. After school Ben, Johnny best friend asks where did you get that watch ? Johnny won’t say, Ben says, I know it was a gift for your birthday, Johnny replies nope, Ben again say I know , you stole it ? Johnny again replied nope ! Ben then begs Johnny to tell him where he got this fantastic watch from. After 20 minutes of pestering, Johnny finally cracked and told Ben. I was watching TV last night when I heard a funny nose coming from my parents room, so I got up to find out what it was as their door was partly opened, when I walked in to find my mum and dad having sex and froze. My dad turned and said what do you want ? Money ? and reached for the bed side table, but could only see a watch, so gave Johnny the watch and told him to sod off ! Over the next few day Ben sits at home waiting for a sign from his parents bedroom, when it happens. So Ben sneaks into their room to find them having sex ! When Ben’s father turns and says , what do you want ? Ben bravely replies, I wanna watch ! Ben’s dad looks at him and say, Ok stand in the corner and shut up !

Hi James
I’m thinking you must have a good credit rating to be in that position you’re in ? That to me is more important and useful than an property you might have invested in. Don’t like what you’ve got ? sell and try again, you have good form my friend, any institution will give you money to try again. And if this investment loses money the next investment will have a right off, that is a component of business ! So go for it and good luck ! [8D]

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Hi guys,

I know I’m late, but thought I’d put in my 2 cetns’ worth (been working long hours lately – another reason why I need those positive cashflow properties)

There is absolutely NO legal requirement to live in the place for any minimum period in order to qualify for the FHOG. As long as you can prove that it’s your PPOR, you could stay there for only a week and still qualify for it. That said, it’s obviously going to be very hard for you to prove that if you moved in for a week and then moved out. That’s also probably the reason the FHOG auditors/investigators are asking for proof of 3 months’ residency. But I reckon it’s just a practical threshold, on the basis that if you’ve lived in the place for at least 3 months, it’s going to be quite hard to prove it wasn’t the PPOR, unless a rorter was stupid enough to admit that to them.

If you don’t believe me, read the FHOG Act (pick any State). If someone can prove me wrong and show me where in the Act (any of them!) it says you have to live in it for a minimum period of 12 months (or any minimum residential period, for that matter), I’ll send you a bottle of Goundrey Chardonnay (I have too many sitting in my place as it is). And I’ll pay the postage too.

Check out my other posts on this topic – I’ve done quite a few now.

Cheers
M

Just because you can’t find anything to prove you wrong doesn’t mean you right my friend, most of that legal jargon isn’t even english. Will that plonk be cold ?

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Hi all, I know I’ve appeared to be a bit of a maths nerd in previous posts, so.. no dang it I’m going to do it again[]
Negative gearing to me is just pure maths. I’m not “chasing” tax benefits, I’m simply entering all tax effects, income and costs into my computer, and fine tuning my exposure to negative gearing to just keep all my properties slightly cash flow positive after tax. I enjoy my job, and I can’t afford to be too distracted with my properties, so what I did was just buy enough of them to keep the numbers working in the maximum tax bracket. I also synchronised capital gain from shares with the initial maximum depreciation effect.
So far I’ve averaged about $20 to $30 per week for each property after tax for the last 5 years.(they were all initially about 6.7% gross rental return, however, which is a bit harder to duplicate now.) My capital gain (on paper) is roughly about $400,000 which isn’t bad for an investment that has required so little of my time.
Basically I’m saying that negative gearing is ok if you know what you’re doing. (and you want to keep doing your job!)
Jim.

Hi Andy,

A gutsy move mate! I have considered same, but am currently looking at equity first. Weighing up gains with a mortgage compared to similar rental costs for some other bugger to gain.

900 g’s is something else though. Presumably most of this lays within your current lazy asset. 20 years is a lot of time to restructure.

As AD pointed out my very first thought on this, some things are more important than cashflow. If you have a wife, invest in her first.

Regards, Phil