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The worst part of all of this,is that carbon dioxide is not even on the government's own national pollution inventory,which is a rather comprehensive list. Since it is not a pollutant this is not a surprise, but the carbon tax will have a quite negative effect on the economy imo. People seem spooked enough as it is,the last auction i went to was a sellers nightmare,about 20 neighbours in for a sticky beak and only 2 bidders. I don't think the carbon tax will improve this situation.
Hi scotts, this link should give you the required information.
http://www.ato.gov.au/corporate/content.aspx?doc=/content/00208572.htm&page=22&H22
From initial reports it appears that any compensation will be far short of any added costs incurred. If it wasn't there would be no use of having the tax. I can only imagine that if the cost of livings escalates far ahead of wages the people paying mortgages will be struggling more than they are now.
Thanks Richard, will have to engage a broker when i am ready to make sure i start on the right foot with this little venture i am considering. Found a suitable loan on my own last time but broker seems the better option for me at the present time.
Sound advice,thank you. Heaven forbid i be classed as a developer, i'm a maintenance fitter
Thanks for the speedy reply Terry. So the best time if possible to advise the bank of my intentions would be at the original loan funding stage? Then use some of the profit from sale of rear block to bring down the LVR and the rest on PPOR offset? May be best to stalk through the ato website then speak to an accountant regarding CGT if it is complex, don't want to set it up incorrectly and pay more tax than i have to.
Thanks for your explanation Jamie, i understand that much,including the article you linked to. But what is the difference from just re-drawing the amount to take it across to your new ppor? Would the ato frown upon deliberately increasing deductible debt and reducing non deductible?
I have wondered this too for a ppor,suppose im quite sure i will be there a while, what is the difference for having say a 200 k mortgage with no offset,paying it down to say 110 k,to having it the same 90 k in an offset account? Will the ato be sus if i found another house to live in and just pulled my 90 k out to use on the next house?
I'm assuming you fall in the maroondah council area? Your only hope is to have them declared dead,dying or dangerous by a suitably qualified person,which will allow you to remove them without a permit without being fined. I would not advise trying to poison them as they can be tested. Maroondah is very militant in their approach to tree removal. If you re sure it will make you money, you could also just have them lopped without any approval, the fine was $600 per tree last time i was fined. No criminal charges or anything just a monetary fine.This may not be the best approach if you intend to develop yourself if you can't sell the land,as it will get you offside with the council. Hope this helps.
I was thinking the same,although this covenant takes in about 25 other houses… The owner at the time in 1949 upon selling placed the covenant over the entire block of his which he had divided in 25-30 blocks, all with the single dwelling rule. I think it would only take one greenie who is in current residence in one these properties to complain about development and the whole thing would be rejected. Have done some investigating on the gov websites, whether it was supreme court or vcat a rejection looks likely. Other option is to purchase,then build an impressive single residence,as it is a nice area.
I too am in the same situation, have found what i believe to be an awesome deal, but looking through the section 32 there is a single dwelling covenant on it dating back to 1949. Surely this man would be long dead,but doesn't seem an easy process to have it removed…. By the way your site is very impressive Christian!
I personally find the best way to save aggressively is to pay yourself first. The day you get paid the highest amount you can possibly save should be set up to transfer automatically into a high interest savings account,or into an offset account on your PPOR loan if you have one. Works for me,the best thing about it being put away as soon as it comes in is that you won't miss it. Stick to your guns and watch the money pile up…..
The exact same thing has happened to me twice, very frustrating to have your offer knocked back only to find a lower or equal one was accepted. In one instance the agent rang me 30 mins after my offer was made to tell me,so sorry, but the house was sold. I asked him how much and it was equal to my offer. I said he should of run a dutch auction over the phone to get the best price for his client, as i for one would have exceeded my offer a bit more, and he replied in genuine horror that doing so would be unethical. You win some you lose some i guess!
No worries, couldn't help but ask, i didn't have you picked for a snake oil salesman just wondered what the deal was .
Hi Jamie M, im not attacking you here, just wondered why your passgo site and facebook site has this property down as Steve and Sarah's story and their reno but on here you say it was done by your self?
Allow between 45 and 60 dollars per square metre as a rough guide, one of the quickest and easiest ways to improve your IP.
http://realestate.yahoo.com/Georgia/Atlanta/4627-legacy-sq:22557767daf721b08017c872371e3d60
If you check out the link it looks like the best $1100 you could ever spend, but read further and it has over 200k owing in taxes that the buyer must pay…
Hi Ironlady, you would become responsible for any damage etc to the property from the settlement date, before this date i think your contract would specify that the property would be in the same condition on settlement date as the purchase date. You will need to insure the building to cover any losses,most likely just building insurance as opposed to home and contents, unless you plan to leave a lot of expensive tools inside. When the reno is finished and ready to be rented you will want Landlords insurance.
Hope this helps!Thanks people !
I am with bankwest and have never had a problem with them, easy to deal with. Although they did let it go down to the wire on settlement day but came through… If i am correct they still have a special going with no up front fees for new loans, check out their website to be sure.
