Forum Replies Created
Hi,
I’ll have a stab at some of the answers although I recommend seeing an appropriately qualified and experienced professional re: tax matters.
Finance
I’ve looked into this and most major Australian lenders will lend on OS property, but they want Australian property as security.
This makes it tricky, so to get around this I have just jumped through the finance application hopes in the OS areas where I invest (don’t ask).
Such borrowers have lent 70% LVR, but I know of people who have secured 80% LVR. It all depends on the risk profile of the applicant.
CGT
I don’t know the answer to this one, but I would have thought that CGT only applies to Australian assets (ie. Australian source).
What is more likely is that there will be a double-tax treaty with Aust. and the overseas country that will outline how profits are taxed.
Bottom line: you’ll have to pay tax, but you shouldn’t be taxed twice.
Inspections and tax
If you have Australian income then expenses associated with earning that income are deductible. It’s a matter of the timing of the expense and whether or not you’re showing (or are likely to show) a profit from the investment on your Australian tax return.
If not (or in addition to?) Australia, then you should be able to claim the expense against any tax in the country where you are investing.
FHOG
I think so… but check this out. My understanding is the grant is only applicable to and in relation to properties in Australia. I’d imagine that you would have to be an Australian citizen though, in addition to all the other qualifying criteria.
Stomach Churning…
[
] Fear is always present, but is overcome by isolating what can go wrong and having contingency plans in place and readt to roll out should things turn sour.Bye,
Steve McKnight
**********
Remember that success comes from doing things differently.
**********Steve McKnight | PropertyInvesting.com Pty Ltd | CEO
https://www.propertyinvesting.comSuccess comes from doing things differently
…cough, splutter, curse as Steve spills his cocktail all over the pool sunlounge.
Shhhh… people think I actually own property. Nah, that’s just a sidetrack… the smart money is in bluegums [
] and those scratchy lotto things.[
]Steve McKnight
**********
Remember that success comes from doing things differently.
**********Steve McKnight | PropertyInvesting.com Pty Ltd | CEO
https://www.propertyinvesting.comSuccess comes from doing things differently
Hi,
There is no magic formula really…
1. We worked as accountants to save up the capital to start investing.
2. Since we borrowed 80%, we needed to find 20% deposits.
3. We began with B&H, but soon realised that it would eat a lot of our capital, so we switched to the wrap strategy where we only needed bewteen $5k and $10k.
4. We sold some of our B&H property that had appreciated to access profits to buy more wraps. Later our wraps cashed us out and we used the profits to buy back into to B&H property.
5. All the while Dave worked as an accountant. I ‘sold’ information (forst) at wealthtipsonline and here at propertyinvesting.com. All the money we made went to buying property.
6. In the meantime I lived off $400 a month my wife gave me from her salary and Dave did likewise.
…oh, plus we both won lotto… [
]Have a great day,
Steve McKnight
**********
Remember that success comes from doing things differently.
**********Steve McKnight | PropertyInvesting.com Pty Ltd | CEO
https://www.propertyinvesting.comSuccess comes from doing things differently
[
]A private plot to take over the world
<<sinister laugh>>
[:0)]
Nearly bed time for this fella…
Hey, nice sentiment with the saving idea (another post somewhere), but just watch out for the impact of inflation.
Steve McKnight
**********
Remember that success comes from doing things differently.
**********Steve McKnight | PropertyInvesting.com Pty Ltd | CEO
https://www.propertyinvesting.comSuccess comes from doing things differently
Hi,
Thanks for your post and welcome to the community!
Glad you liked the book [
]One possible suggestion is to call several accountants in your area. The old-fashioned types still have a bookkeeping service (of varying sorts and ability) that you might find helpful.
Good luck and certainly make a post if you find someone of good ability.
Cheers,
Steve McKnight
**********
Remember that success comes from doing things differently.
**********Steve McKnight | PropertyInvesting.com Pty Ltd | CEO
https://www.propertyinvesting.comSuccess comes from doing things differently
] Fear is always present, but is overcome by isolating what can go wrong and having contingency plans in place and readt to roll out should things turn sour.
] and those scratchy lotto things.
]
]
