Forum Replies Created
Yes but how much is the motor worth?
Is $625 a fair price with the motor installed?
I guess this means there can be some real hidden value if u purchase a property with a large sinking fund balance As you reap reward for contributions you didnt make
But if I have recently moved out of my PPR and rented it out how will they know that if I don't tell them?
Definately not $0.
Atleast 200k
The website says they send out assessments every march and may. How do I register for it?
Why does everyone say if you own one property SRO doesnt pick it up but as soon as you buy your second they get on to it?
Why is my C.I.V and site value the same?
Thanks
"You must lodge your objection with the SRO within 2 months of receiving your land tax assessment notice. You are taken to have received your land tax assessment notice two business days after the assessment notice was issued. For example, the SRO issued a 2011 land tax assessment to XPZ Pty Ltd on 1 March 2011. XPZ Pty Ltd is taken to have received the assessment notice on 3 March 2011 and should lodge an objection so that it is received by the SRO on or before 3 May 2011.There is no discretion under the VLA to extend the 2 month period so it is important that you lodge your objection on time in order for the relevant municipal council to consider your objection."
So is it my responsibility to pay land tax only if I receive a land tax assessment notice? Or do you have to register? By that I mean is land tax like the ATO tax return where its a self service basis?
Washington Brown said they send a QS to do the inspection and they provide the same guarantee as BMT so why should I pay extrea $110 for BMT?
How much did dep-pro charge you?I have a quote for $550 from Washington Brown and $640 from BMT. Should I just go with Washington Brown?Washington Brown said they send qualified QS to all inspections.
Did you get more than one property done?
I got BMT down to $630, should I just go ahead with them or go for a $500 one?
I like the Guarantee which BMT provide.
"BMT Tax Depreciation provides the guarantee that when you receive a BMT Report your depreciation deductions will be maximised. If we can not obtain double our fee worth of deductions in the first full financial year claim, there will be no charge for our services"
Did you negotiate $500 with BMT?
Was your deduction 2k? Or is that the amount you saved on tax?
Because if thats how much you saved, assuming you are on the 30% tax bracket that would mean the deduction was around $6.666k (2000/.3)
I am happy to pay the $700 a year if I can get approx 6k deduction in the first year.
I was told 6k is around the average for buildings older than 40 years old.
is $700 a good rate?
Here is the company I was going to use.
http://www.youtube.com/watch?v=0-1EpOFVTcU&list=UUhxgJIbDslHNRpGErj3gRnw&index=1&feature=plcp
What about for a property that is older than 40 years old? Where effectively I can only depreciate the renovations?
I have one investment property. It is a unit which was purchased in 1960. Given it is >40 years old I will not be able to claim any deprecation on the property itself. However, the kitchen has been renovated, new decking has been put in and other minor changes have been made.
Is it worth the $700 fee I am paying to get these guys out? Or will the tax savings I get not be worthwhile given I will only be able to claim depreciation on the renovated parts of the building?
Anyone had any experience with this? Would much appreciate.
Not yet, can someone recommend a property lawyer in Melbourne that will hear my case and charge should we take this to court.
JacM wrote:If Fred has been the legal owner since 1989, then wouldn't the council rates have been adressed to him? And if so, how come your dad hasn't noticed he hasn't been sent a council rates bill for more than 20 years?He knew, his brothers came and made him sign with force and bullied him
Terryw wrote:propertyboy wrote:ledgend80 wrote:From what i have read so far it does not matter with your PPOR but if you want to turn your PPOR into an IP you need to have your loan on interest only and have a 100% offset account so that you do not contaminate the IP loan so you can claim more against you tax.Yeh but if they pay down their PPOR loan they can take out a new IP loan when they decide to buy the IP. I think the only disadvantage is if they want to buy something like a car with cash in between. Drawing out to buy something else will mean they wont get the tax deductability but if they dont intend to do that and want to buy an IP down the track they can just get a new loan.
The future doesn't pan out as expected. You may think you won't need access to your cash now, but in 5 years what if you did want to buy a new car?
I understand, but could you just not refinance whole amount to an offset account loan 5 years down the track? Are there any implications from a tax perspective only in doing this? (I understand theres refinance risk, bank appetite etc etc).
Thats the scenario I am in and the bank is not offering me an offset account so I am thinking of just doing that. If I dont intend to draw on the amount I pay down the loan, does it make a difference?
ledgend80 wrote:From what i have read so far it does not matter with your PPOR but if you want to turn your PPOR into an IP you need to have your loan on interest only and have a 100% offset account so that you do not contaminate the IP loan so you can claim more against you tax.Yeh but if they pay down their PPOR loan they can take out a new IP loan when they decide to buy the IP. I think the only disadvantage is if they want to buy something like a car with cash in between. Drawing out to buy something else will mean they wont get the tax deductability but if they dont intend to do that and want to buy an IP down the track they can just get a new loan.
Yeh but if they buy a new IP they can just take out a new loan to finance the new IP and redraw from loan on PPOR and put in new investment propertys offset.
I want to pursue this.
Can anyone recommend a property lawyer in Melbourne?
I really want to speak to someone and see if I have a case? They might say there is nothing I can do. Do lawyers usually charge to hear what a client needs? I want to sit down explain the situation and see if the lawyer thinks they can do something, but I dont want to pay them a fee just for telling them the story. I am more than happy to pay once we process with the claim (assuming they think legally there is something that can be done).
In the meantime, I might put a caveat on the property.
Can I put a caveat on the property saying "title was illegally transferred"? Are there any limits on what you can say on the caveat? If not, whats stopping randoms from just putting caveats on titles and being pests?
