I do not see any justification to charge a commission and advertising expenses. Agents are working for them selves! If they are paid a commission-then advertising is a part of their operating costs or it should come out of the commission when the property is sold. Especially if you are locked up with an exclusive listing that guarantees them a…[Read more]

I just thought I would confirm Colin’s statement about kissing the next two year off if you sue.

I sued National Builders Group through VCAT over a building contract dispute.

http://www.austlii.edu.au/au/cases/vic/VCAT/2006/1309.html

They are now attempting to appeal this decision. So I’m expecting it will take an extra year or two?

Very interesting- I purchased a commercial property with no out clauses. I had all finance approved, however the vendor wanted the sale to fall over because he had been offered an extra $50k. I ran very close to not meeting the deadline due to the bank dragging the chain.

I asked for an extra day or two for the bank to transfer the funds-the…[Read more]

Originally posted by igrapleu:
To continue on about a commercial property, when you purchase, how much (%) stampduty is payable?
Cheer
Ben

The stamp duty is scaled-however in qld on $500,000 it is $16000 approx.

Originally posted by harpeau:
Thanks for the replies
answers are a little confusing though

can someone tell me, if i purchase a commercial property and tennants are in place, do I have a GST liability to pay on top of the purchase price for the property? (not talking about paying GST on the rent)

thanks
harp

I have recently purchased a commercial property with a tenant (Retail shop-Swimming pool sales & service) and a three year lease remaining. I have paid no gst under the going concern rule. My conveyancing was done throuigh a solicitor.

I am now looking ito developing the property further-can anyone give me information on building cost regarding…[Read more]

I went through coopers and liabrant to ITP and H&R block and then to the fairest deal I was able to get. A fixed annual price that included phone call advice and 4 visits per year.

I then decided to do a business (accounting) tafe coarse and now do my own (Company and personal). The web and especially the ato site give you heaps of information,…[Read more]

I am sure you can invest it into property, however what you may be overlooking is, the $20,000 is an asset and the cost of the property is an asset so it does not become a deductible expense.
The interest on loans to buy the property and running costs are the deductions.

Check with your accountant again!!!

I signed a so called fixed contract with National Builders in jan 2005 for $7200/square to build a townhouse.

They did not bother to get a simple council information report and here is the result.
http://www.austlii.edu.au/au/cases/vic/VCAT/2006/1309.html

The final price would have been $10,000+ per square.

In my case their response was unless…[Read more]