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RodC
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@rodc
Join Date: 2002
Post Count: 335
September 3, 2003 - 9:24 pm
You’re right Leigh,
this place has gone crazy since the book came out (with all it’s associated publicity).
I need to check at least twice a day to have any hope of keeping up.
Wonder how many of these new names will last[?]
Rod.
RodC
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@rodc
Join Date: 2002
Post Count: 335
September 3, 2003 - 9:15 pm
I’m 39 (big 40 next month).
But of course I only look at about 25. []
westan won’t dare disagree with me – I know what he looks like.[][]
Rod.
RodC
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@rodc
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Post Count: 335
September 3, 2003 - 12:41 am
Angie’s right. Depreciation can give you a “paper loss” to offset the income thus reducing the tax you’re liable for.
Also purchasing in the correct structure (trusts etc) can give asset protection whilst reducing your personal tax liability.
Rod.
RodC
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@rodc
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Post Count: 335
September 2, 2003 - 11:14 am
Hi doogs,
Your assumption is correct. As land tax is state based (and calculated differently in each state) you have a separate threshold for each state.
Rod.
RodC
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@rodc
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Post Count: 335
September 2, 2003 - 4:30 am
Well done Richmond, I’ll look for your name in the credits.
I agree with the other comments, 75K is a pretty good wicket to be on.
Rod.
RodC
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@rodc
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Post Count: 335
September 1, 2003 - 3:29 am
This topic has been touched on a few times here. I find your explananation a little difficult to follow but I think I agree with you.
Even if claiming depreciation does reduce your cost base for CGT purposes it’s only a 50% effect because of the CGT discount. So you may have to pay back 50% of your tax saving when you sell. And if you never sell then you don’t have to pay it back at all.
Rod.
RodC
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@rodc
Join Date: 2002
Post Count: 335
August 31, 2003 - 2:59 am
quote:
everyone is on the bandwagon for positve cashflow properties
You get that impression if you read this forum a lot. However I went to a property investors meeting last week and found there was a very strong negative gearing attitude among most of those there. Most of the group had negatively geared properties and were actively looking for more.
I felt a bit out of place.
Rod.
RodC
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@rodc
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Post Count: 335
August 30, 2003 - 1:24 am
Richmond,
Well done,
Wilandel,
Good to see some other Hawk supporters here.[8D]
Rod.
RodC
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@rodc
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Post Count: 335
August 30, 2003 - 12:51 am
Centrelink use your taxable income and will make any adjustments accordingly.
In some cases there will also be an asset test.
Check with centrelink.
Rod.
RodC
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@rodc
Join Date: 2002
Post Count: 335
August 30, 2003 - 12:36 am
Junior,
It’s worth doing anything (legal and ethical of course []) that gives you more knowledge and helps you along the way.
Only you can make it happen.
Rod.
RodC
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@rodc
Join Date: 2002
Post Count: 335
August 30, 2003 - 12:29 am
My 2 bobs worth,
Changing trustee shouldn’t trigger a CGT event as the trustee only owns the assets “on behalf of the trust”. As there is no change in beneficial ownership there shouldn’t be CGT.
Rod.
RodC
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@rodc
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Post Count: 335
August 29, 2003 - 2:39 am
Thats exactly what I was getting at Richmond,
Hey, my mob plays your lot this weekend – go Hawks. (That’ll probably get Westan started as well).
Not a bad part of the world you live at, I keep my plane just down the road at Wallan.
Rod.
RodC
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@rodc
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Post Count: 335
August 29, 2003 - 2:28 am
Hobbies:
Family, Flying, Property, Photography, Reading.
RodC
Member
@rodc
Join Date: 2002
Post Count: 335
August 28, 2003 - 9:47 pm
Westan, you should know better! []
Those agents in Hamilton, Stawell and Horsham are going to get real busy now.
Rod.
RodC
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@rodc
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Post Count: 335
August 28, 2003 - 9:24 pm
I’m a telecommunications tech. Have been for about 20 yrs.
Hey JohnB, the message I got from Telstra (no I don’t work for them) yesterday was better – An SMS to say I’d won 2 tickets to a Rugby World Cup game.
Rod.
RodC
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@rodc
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Post Count: 335
August 28, 2003 - 12:21 am
HG
I’ve never tried to do it, but my understanding is that super funds can’t borrow to invest. So unless you have enough in the fund to buy outright it’s probably not an option.
Rod.
RodC
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@rodc
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Post Count: 335
August 28, 2003 - 12:11 am
AD’s right,
Kristine,
The protection side of the trust with a corporate trustee isn’t about protecting you from your liability if something goes wrong with the trust’s investments. You’re quite correct that if you are director you can be held responsible.
The protection is that if you are held liable for actions outside the trust (eg: you are sued personally) then you don’t lose the assets that are in the trust – because they’re not yours.
Whether you need this type of protection depends very much on your own circumstances.
Westan,
Will you have to pay stamp duty if you sell your home to the trust?
Rod.
RodC
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@rodc
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Post Count: 335
August 26, 2003 - 1:54 pm
Hi hufnstuf,
Could you please explain this in non-accountant language? I think I know what you mean but I thought it was the chattel depreciation that wasn’t recouped.
Rod.
RodC
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@rodc
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Post Count: 335
August 26, 2003 - 3:05 am
Sorry doogs,
You’re right.
I must learn to think before I type.
Rod.
RodC
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@rodc
Join Date: 2002
Post Count: 335
August 26, 2003 - 1:22 am
quote:
6:30pm
Room EN302
Swinburne University
Hawthorn Campus
John St
Hawthorn
http://www.swin.edu.au/cwis/maps/maps_hawthorn.htm
This is for the Melbourne meeting tonight at Swinburne.
Anyone planning on going?
Rod.