Forum Replies Created
sal,
my interpretation would be that your council does not encourage the development of multiple dwelling units as a sole use to an intended commercial zoning and you would have a pretty hard battle to get this approved at the development assessment stage. they however would look more favourably apon a multi dwelling unit development combined with a commercial use. i.e. maybe units above a retail shop front.given the current zoning, find out what the past uses of the site have been and check if it is on the contaminated land register. if it is it will dramatically reduce the number of things you can do with the site. ie before you have it decontaminated – a costly exercise. don’t get stuck with a lemon.
regards john j
michael,
read your reply on 24th and agree with everything said – good advice.you must have a bit more money than us though. i would love to know what you pay in consultants during design and construction. an architect, quantity surveyor and project manager for a duplex/units/townhouse. they’ll eat you alive on a small project like this. i’d be suprised if you get any change from $30k.
start with a building designer. they deal with council planning schemes on a daily basis and can design the building and offer contract administration during the construction stage for about 1/4 of the cost of the arctitect alone.
regards john j
‘monies can also be distributed to beneficiaries overseas with nominal tax paid (about 10%). the best thing is that the monies dont have to be physically transferred; they can still be retained in the Trust with the transfer being shown as a book entry.’
i am probably a bit silly asking this but i’m having trouble understanding this concept. what do you do with the money if you arn’t actually distributing it? surely you can’t leave it in the trust forever. how do you balance your books if you enter a transfer but still have the funds? does your trust get audited annually? are you sure this is not tax evasion? if or rather when you take it out of your trust structure, won’t this be obvious to the ato where it has come from and that you havn’t paid the correct cgt?
if this is legit, i would love to get it working for me, i have a number of trusts for different things and this thread could save me big $ over the years.
my only knowledge (and i’m not even close to an expert) of how to lever the cgt is as home owner – no cgt, 12 mth going concern business 50% concession and defering the cgt by buying a similar business when you sell.
i have also heard of someone setting up a co. for property developing and treating any capital gain as income and paying the 30% co income tax. have never confirmed that one though. perhaps someone else could let me know.
oh and there is super also……
this seems to have gone from a question about unit developing to a discussion of cgt. i guess it’s all relevant.
regards john j
look for another bank!! [cigar]
i assume this is a net return and the fugures stack up
60% is not uncommon to purchase a going concern but you can do a lot better. be honest with the other banks and show them your banks proposal and ask them for their best deal. if you really want to deal with your bank, take the bettered deal back to them. if they really want your business, the deal stacks up and you can show the bank you have your act together, they will move to 70%. just watch any other changes they make to the terms if they do agree to change the lending percentage.
hi bennido,
i don’t blame you for being confused, i didn’t give much away as to the specifics of how and what i’m trying to achieve
yes you are right, there is no capital required other than one dollar. it is a long term venture and starts with baby steps and intense education and retraining our thoughts. it’s more of a life changing education through the colaboration of like minded individuals than anything.
you are correct in saying that there needs to be an exit statergy….absolutly correct, every joint venture and business parnership needs one. you will never escape the three d’s. my exit statergy for people who want to leave is this…..here’s your dollar back !
people will be given the chance to get out and share in there hard work in the group. one in three years, one in five years and one at the end in ten years. members will make there money in there own time through following there monthly tasks, gained knowledge, networking, brainstorming, joint venturing between members etc. but it will always be stressed and emphasised that they started with $1. if someone leaves for whatever reason, they take with them what they put in – $1 and gained knowledge and eperience.
i know it’s still probably confusing, as i said i’m in the final stages of putting it together and just wanted to know if anyone has had any experience with comming together as a team to accomplish something out of the ordinarry. has anyone heard of anything like what i’ve described above?
thanks [cigar]
I WAS IN ROMA YESTERDAY !! TALK TO GRAHAM TIFFEN AT COUNCIL, HE IS THE COUNCIL CERTIFIER WHO YOU WILL HAVE TO SATISFY THAT YOU ARE PERFORMING THE PROPOSED ALTERATIONS IN ACCORDANCE WITH THE RELEVANT BCA (BUILDING CODE OF AUSTRALIA) REQUIREMENTS. IF THE BUILDING WAS CONSTRUCTED AFTER 1975, IT SHOULD HAVE BEEN CONSTRUCTED WITH SEPERATE FIRE COMPARTMENTS.(I AM ASSUMING AN ATTACHED DWELLING UNIT COMPLEX). ALSO I’D CHECK THE FIRE RATING YOU HAVE QUOTED. IT MAY ONLY BE 60/60/60 NOT 90min., THAT IS IF IT IS A CLASS 1 BUILDING. I’M A BUILDING DESIGNER SO LET ME KNOW IF YOU WANT A CHAT. I’M IN ROMA ONCE A MONTH IF YOU NEED ANY DETAILS OR DESIGNS DRAWN FOR COUNCIL SUBMISSION[cigar] CHEERS…..
