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GST is usually paid on a quarterly basis – you pay the difference between the reciepts and the income recieved. As for the trigger date, it is the date of the contract not settlement.
In the meantime, you will still have paid the deposit on the land (as the construction contract is a separate matter) as well as stampduty on the transfer of title.
Matt what do you expect to gain from being registered for gst? It does not give you any benefit that anyone who isn't registered wouldn't get anyway. ie you cannot add gst to the selling price, it is gst inclusive (unless it is a going concern for commercial property).
A freebie is a freebie esp when Ruddbank et co. is giving it away.
Is a pump out service an option?
Is there a ceiling on the cost of the block in NSW? They paid over $1m
I'd suggest planting some quick growing trees (of a suitable height) to screen the sight and muffle the sound of the train line. It may not do much but it is a start. You can't change its location but you can improve the outlook.
You may even be able to contact the railway to lease part of the land between the block and the rail line and landscape that (that way you don't lose your backyard).
Use vistaprint, I do (well it works).
Keep your card simple – ie name, contact details (ph, mobile, email, fax, postal), company name (if any).
Agents will generally keep your details in their database anyway (once you make a few contacts with them).
Why is it going to cost $30K to get hooked up to the sewer?
Is the new sewer in a difficult location? Does it not pass by your property?
Does council expect you to extend the sewer up to your property ie be the first to connect to it, then everyone else in the street has access to it? If this is the case push council to pay for the extension of the service and advise council that you will refuse to allow any one else to connect to 'your' sewer (ie install the minimum size pipework which will only take your premises).
Does that cost include decomissioning the existing service?
Can the old septic be used for greywater for the garden? (rather than removing it after decommisioning).
How much will it cost to install an alternative eg envirocycle (will council accept this or has the block been subdivided below the threshold for septic)?
Will being on sewer add to the sale or leasing value of the property?As for maintenance & property management – let a local PM do the management and arrange the necessary maintenance.
(Sorry for all of the questions but it will help to find a workable solution ie getting the property leased and some money back into your pocket).
It depends upon the outcome that you are after and the long-term plan for the property. That is, if you are looking to purchase a house to live in for the next 5-10 years then (without knowing your circumstances) it is possibly best for you to purchase without a loan. If on the other hand you are looking to purchase as an investment (or to live in short term to take advantage of the FHBG), then by having a loan you would be able to claim the interest and other costs once you rent out the property – borrowing will increase the amount of tax relief you could claim, without it your offsets against rental income would be minimal.
Even using a small loan will help you to establish a credit rating and a relationship with a financier.
Consider the following 2 options:
1 – Serve notice to complete, get the solicitor to sue for specific performance if the vendor does not comply. It is not your problem if the vendor has insufficient assets to cover his liabilities (assuming that the vendor has sufficient coverage at the moment, how does selling this property affect that balance?)
2 – Serve notice to complete and recind the contract on the condition that you have the first right of refusal to purchase should the property be offered to the market. If the property goes back onto the market it may be at a lower price and you could negotiate at this price before any other prospective purchaser.Solo, Corian looks like stone however it is 'plastic'. Several other companies had a go at copying it, mostly unsuccessful having failures in appearance, porosity, heat resistance, durability etc. Correct me if I am wrong but composite stone products are a manufactured stone/epoxy mix not pvc hence they will be porous and will require car polish/wax or marble sealer to be applied to prevent staining.
The appointment of the strata manager goes to a vote at the AGM (with proxies for those unable to attend). The cost of having the document reviewed would be borne by all owners and paid for from the admin fund (not the sinking fund). A solicitor could review and explain the document for you (or you may try the strata managers association or REI).
Generally, you would hold one meeting per year with all of the owners and monthly or what ever other interval which suits with the executive committee and strata manager.
Grab yourself a copy of the Strata Management Act & the regulations for your state (should be available on the net).
What do you need to know specifically? Which state (although there is some degree of uniformity across all states now). Have you been issued with the annual fire safety statement from council and wondering how to get it completed or been served with a fire safety order? What type of building, GFA, volume (yes, specific regulations apply depending upon the volume) and usage.
Most bricklayers would be able to fix this. Check your local newspaper for brickies who do lintel replacements.
Easement or covenant? You may need to check with your conveyancer/lawyer as to whether this covenant is irrevocable and enforceable or whether it is merely setting the standard for dwellings in the subdivision. This would mean that it applies to all dwellings in the subdivision, not just some and that all homeowners must abide by it.
If you've spent the cash on the design, it may pay to get the plans through development approval with council (ie prove that it can be done) then get the new val. Once you have a DA you will have 5 years (depending upon the state) to act upon it. If you do get a DA, you may be able to find a purchaser who wants a DA site (ie it has less risk than the site as you currently hold it).
If you are going down the path of planning for units, the designwork indicates that the reno that you intend doing is worthless ie will not add value in the long run (unless you are planning on renting it out for 4-5 years before building the units).
As ex-motel rooms they will most likely be <50m2 which may mean that you will have some difficulty in financing a purchase. Turnover of tenants will be reasonably high and your levies will also be high if there is to be a fulltime concierge onsite/swimming pool/lift etc. This will hammer any returns.
You'll need to check out all of your options as highlighted above however if block as are allowable down to 400 m2 you may be able to subdivide quite easily, even better if the existing house sits on the right part of the block. At 900 m2 you may even be able to erect 3 – worth checking out as it makes each block very cheap.
Id also recommend that you purchase one of the texts on strata management as well as getting a copy of the strata act for your state.
You will need to determine who the liability for the levies between commmencement of the sp and commencement of the levies lies with. Obviously some bills will be recieved in the intervening period and are paid in advance. These costs must be paid pro-rata by the owners (both the developer and purchasers)
