i still think we’re in the position of both the vendor and purchaser needing to reach agreement as to whether the valuation is reasonable.

does anyone have any experience with land valuations … what are some rough ball parks? … +/-10% …. +/-20% … -5%/+15%?

i actually have a law degree … it was obviously vague and dodgy, i just didnt want to push away the buyer going back to them with a redraft of the contract.

legal advice prior to entering the contract wasn’t the issue … managing the deal & negotiation with contract redrafts was the concern.

hi gibbo

It was a super quick settlement, so i didnt think i had too much to loose … in fact, i haven’t really lost anything except the potential for that person to buy the land .. perhaps if i pushed back requiring a re-draft, then they still would have signed-up and the deal could have been locked in … i think you’re right.. lesson learnt…[Read more]

Is there any limit to the number of under $1000 transactions that may be imported duty & tax free?

Thanks for the tips.Do you know any good accountants in Adelaide to help sort out this mess?

Hi Rob,I am buying my stock from overseas so there is no GST included in my purchase costs.I have just changed from a sole trader to a discretionary trust. Any chance my $75k threshold would be refreshed with the transition?Is there some sort of annual threshold with GST? If my sales were $85k for the past 12 mths but for the 10/11 financial…[Read more]

Hi James,

a) The bulk of my costs (COGS) are GST free so I cannot claim any COGS GST component.

b) I cannot simply increase the price to charge the extra 10% as my sales will drop significantly.

c) I sell items for about $300 with about $100 profit per item. So approximately …. less tax it is about $70, then if I lose another 10% for GST, the…[Read more]

Anthony K wrote:
Hi Anthony K,Definately no backdating . . .  ever,

Now I'm confused … i thought you said in your previous post that I could backdate the previous few months of trading to transfer it under the trust as per your previous comments below …QUOTE " First you appear to have begun trading in the current tax year ? If yes you can…[Read more]

I created the trust yesterday and specified the start date as 7 march 10 – although I created it online and dont think it has been processed yet.Should I have back-dated the trust creation date to earlier in the year in order to cover my trading period that was previously carried out under the company?

Thanks Terryw.

Do you have any recommendations for advice in Adelaide?

I definitely do!

Oh no .. am I really on the wrong track?

Thanks … So from what I understand ..

a) I create the discretionary trust with the trustee being my pty ltd company
b) to convert the pty ltd to a non-trading trustee company, i just submit a tax return ticking the box that states the company will no longer submit future tax returns, or submit a non-lodgment form.
c) then start trading in the…[Read more]

thank you for the advice