The insurance risk is not worth it. After successfully managing my 4 properties for years I finally got caught. Tenant did $10K worth of damage and insurance paid for $800!!! BECAUSE I did not have a property manager doing the required inspections etc etc!!

Apparently the QBSA adds the cost of all the trades together so if the total of all trades is more than $11K then you are supposed to get an owner builder licence   Seems like the solution is to use a licenced builder if you want to follow the rules as if you don't you are liable if anything goes wrong with the house for 6 years and you are su…[Read more]

I replaced a roof recently, it was a bit bigger than an average size house (was a small block of 3 x 1brm units). Cost $14K.  I had other quotes up to $18K.You don't say where you are though.  If you are in a capital city, average size roof without difficult rooflines I think you might be looking around $8 – $10K.

Wow, wish I was EBM, after just having hell time with CGU who need to be avoided like the plague!

I have just installed a new kitchen that I bought at auction, the benchtop is a manufactured composite stone acrylic, similar to corian and it STAINS!! Most marks come out with a creme cleanser like jif but there are a few cup rings that will not come out!Have contacted the distributors and they just keep telling me it shouldn't stain etc etc, and…[Read more]

Duckster, wouldn't they be exempt from CGT for the first 6 years?  That was my understanding, so long as they don't claim PPOR on another residence in the meantime? 

Can I still claim depreciation on the property while it's being rented out, assuming that I'm going to move back in within 6 years to  avoid CGT liability?

I am interested in a Brisbane get together.  My husband and I have 4 rental properties between us.Carla

We bought on a busy main road in Brisbane, but we are not near a traffic light so there is no problem with access to our driveway from traffic buildup or anything, and the house is double glazed an there are no noise problems.  We paid significantly less for the property due to its location, and were happy with that.  We are now looking at rent…[Read more]

Anybody else contemplated or doing this scenario? 

any transaction that shows no real business purpose other than manipulating tax will draw ATO attentionon the other hand you have to draw the short straw and get audited……..just choose you own comfort level re risk/rewardHow is this transaction manipulating anything?  They are not doing it to manipulate tax, they are merely taking advantage…[Read more]

Thanks for your response duckster.  I can't move into either of the other properties as they are in Mount Isa (bought solely as IP's) and I am in Brisbane.My tax rate will only be 30%.How do you get the figure $11,000?

I can't see why you can't lease your home to the mining company.  Who they choose to allow to live in it (ie. yourselves) is their business and where you live is your business and no business of the ATO.  So long as you declare your income from the lease honestly, you should be able to treat it as any other IP as far as I am aware.I am currently s…[Read more]

Just a follow-up on what has happened with this issue.

Yesterday I contacted vendors solicitors regarding this matter demanding to know what the holdup was – guess what – in 5 months, my solicitor had not even ONCE contacted them to advise of the oversight and they were not even aware that it had occurred.!!

In frustration, I contacted the Qld…[Read more]

How did you go about getting finance, and what lender?

thanks

Thanks for all your responses – the solicitor just keeps saying I will get the money – but when?? I have never had any contact details for the vendor – only the agent and it seems like it has been too long to contact the agent after nearly 6mths. I stupidly just kept trusting my solicitor as we had been dealing with him for a long time. I…[Read more]