Hi Nicki,The idea to invest in property is a good one, but I too would be cautious about the house/land package offered to you.     Friends of mine did this several years ago and YES their Financial Advisor did make commission out of it (they found out later). The problems they have come across are these… If it is a large development, many man…[Read more]

Hi Joner,

I also saw that ad & will be attending the seminar on Saturday in Sydney.

I considered all angles before parting with my cash, but in the long run there was nothing in the itinery that I wouldn’t be interested in & given the extra bits of information you are given I thought that it would be well worth it. I am sure that given the…[Read more]

I am currently doing a similar thing in NSW on a corner block – a big learning curve.

We have bought a property & are subdividing for a dual occ. The original house is being rented out (we have done some minor reno’s) while we build the new house in the yard. We will sell the old house (probably)when building is complete & keep the new house for…[Read more]

Yes I did as well.

Sold in an area that has had great cap gains, but the rental incomes are quite low.

Have paid out my debts (so now I have more CF+ props ) & have enough money left over to put back into several more deals that are CF+.

Looking forward to several more purchases this year – all going well

cheers

Shnook

Don’t worry about Knowing the land value – the O.S.R know it long before you do.

They will let you know how much the land value is after you have submitted your return & they have calculated your tax payable (if there is any).

If, after you have received your land tax assessment back from the OSR you disagree with the land value stated you can…[Read more]

Hi,

Also do a search on the Land Tax topic on this forum – there was a discussion on it not that long ago.

I’m not sure what the IPAC site says (couldn’t connect to it for some reason) but just wanted to make sure you realise that Land Tax is similar to your own tax & that it is up to you to submit the return for your investment properties…[Read more]

Unless you also intend to do the conveyancing yourself I would just go to your solicitor/conveyancer & they will do up a contract for you & take it from there.

I did the same thing a couple of months ago with no problems

cheers
shnooks

Another reason for not putting your PPoR into a trust is as others have said – Trusts attract Land Tax from $1,- this will include your PPoR. In NSW, as an individual, your PPoR is exempt from Land Tax (unless land is valued over $1.68m)and you only pay Land Tax on the IP’s

Also, from an accounting point of view (unless you were actually going to…[Read more]

It’s an annual tax. It is up to you to lodge the return, so that an assessment can be sent to you.

cheers

Living in Wollongong NSW

Grew up in the southern suburbs of Sydney – family are all still there (only 35 minutes away)

Shnook

Rugbyfan,

LOL []- I wish I was able to say that my PPoR was over the $1.6+ million mark. But I suppose in NSW land value of this amount and over is probably becoming more & more common.

Also I didn’t receive the E-mail
Did you convert the .at(symbol. to @ (sorry about the hassel but I am being bombarded by Spam mail lately)

Do you mind trying…[Read more]

Rugbyfan

Is it too late to ask you to email me a copy of the Land Tax/Land rates info also please

brookenbrett.at(symbol).ozemail.com.au

Also, for those of you who are unfamiliar with Land Tax (as I was when I first purchased property) Land tax (in NSW) is done from your investment land holding as at December each year and like normal tax it…[Read more]

David,

I can only tell you about NSW – but there is probably an equivalent for the other states (perhaps the sites I give you will have a link to them.

In NSW the valuation of land is done by the NSW Valuer-General and handled by the Land and Property Information dept. – Their web site is http://www.lpi.nsw.gov.au – for valuation information…[Read more]

Ooops – sorry about that one my first post didn’t exactly work too well.[]

What I meant to say was Oh my god! your losses were just under 1/2 of my husbands total annual wage.

I am no expert, but I would suggest sacrificing one of your properties to pay back the other debts in an effort to create +c/f in the remaining props. You should then…[Read more]

quote:
hi guys great forum excellent ideas advice
i have 5 ips 4 neg one even about to buy a+c/f one
got my tax statement back today ips losses as follows prop1[5906] 2[6461]3[4439]4[6731] only saving grace is good cap/gain eg
prp1 bought [11000]now 300000 1997 purchased
prp2 ” 125000]now275000 1999 ” ”
prp3 ” [147000]now 200000…

[Read more]