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  • Profile photo of smlsml
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    @sml
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    June 21, 2012 - 12:59 pm

    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%?

    Profile photo of smlsml
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    @sml
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    June 21, 2012 - 12:50 pm

    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.

    Profile photo of smlsml
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    June 21, 2012 - 12:12 pm

    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 .. take it slow and keep them keen!

    Profile photo of smlsml
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    March 13, 2011 - 3:55 am

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

    Profile photo of smlsml
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    March 9, 2011 - 2:12 am

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

    Profile photo of smlsml
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    March 8, 2011 - 10:47 pm

    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 year, i only sell $70k would this be acceptable not to register? From the ATO definition below, it looks like a problem but my accountant said it was really financial year based and everything would be ok? Is my accountant incorrect?

    ATO defintion … Your 'current GST turnover' is the value of all supplies that you make, or are likely to make in the current month, plus all the supplies that you have made in the previous 11 months.

     

    Profile photo of smlsml
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    March 8, 2011 - 8:44 pm

    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 profit is only $40 per item and is almost at the point where the effort is not worth the profit.

    Profile photo of smlsml
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    March 7, 2011 - 11:47 pm
    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 change now …. You wont need 2 tax returns as you could get the activty moved to the trust, get a new ABN, GST, TFN for the trust and Cancel all the old stuff."

    Also with the CGT … I have just imported and sold products making a profit. Are there any CGT issues that I need to be aware of?

    Profile photo of smlsml
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    March 7, 2011 - 10:31 pm

    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?

    Profile photo of smlsml
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    March 3, 2011 - 11:45 am

    Thanks Terryw.

    Do you have any recommendations for advice in Adelaide?

    Profile photo of smlsml
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    March 3, 2011 - 11:33 am

    I definitely do!

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

    Profile photo of smlsml
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    March 3, 2011 - 11:27 am

    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 trustee.

    I traded for a few months with my pty ltd. Can I back-date the trustee commencement date in order to avoid submitting a tax return for the pty ltd in 1011 year. Then I just submit a tax return for the trustee for 1011 year?

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    March 2, 2011 - 10:47 am

    thank you for the advice :)

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