Total Members: 159,403

t803815

  • t803815 replied to the topic Monthly Rent Calculation in the forum Help Needed! 16 years, 11 months ago

    Well, if the tenant isn't happy with the "accurate" calculation used to establish monthly repayments, then they are welcome to go back to paying the rent weekly and pay the same amount anyway!!! I think I will take your advice Scott and ask the PM to use the more accurate calculation when establishing the rent on the next lease.

  • t803815 replied to the topic Monthly Rent Calculation in the forum Help Needed! 16 years, 11 months ago

    I find it absolutely unbelievable that you all just accept this as the norm! The ATO must be just an@l retentive, because it seems everyone else on this forum believes a year is 52 weeks. I bet there are a few forumites out there that still believe that the world is flat. Does anyone here just accept 6.98 days of rent for the week rather than…[Read more]

  • t803815 replied to the topic Monthly Rent Calculation in the forum Help Needed! 16 years, 11 months ago

    Sure, but I'm in the game to make a profit! I have simply used the ATO approved calculation that my accountant will use when working out my TAX return at the end of the year. By the way, I still have to pay Interest on the mortgage for the full 366 days. Do you think the ATO will excuse me for 1 or 2 days of the year?The tenant has specifically…[Read more]

  • t803815 replied to the topic Monthly Rent Calculation in the forum Help Needed! 16 years, 11 months ago

    True, but the additional day/s roll over into the following weeks rent.In the scenario above, the tenant gets 1 or 2 days free by paying monthly compared to paying weekly.

  • t803815 replied to the topic Best way to structure my investment loan in the forum Finance 17 years, 2 months ago

    Hi Terry,I appreciate your feedback.My preference is actually option 3 (keep some cash for a rainy day), but I thought I would check with some of the guru's on this forum to make sure I was on the right track.Thanks for your advice!!

  • t803815 replied to the topic Best way to structure my investment loan in the forum Finance 17 years, 2 months ago

    Hi Richard,Yes, the IP is crossed with the block of land and the PPoR (not the best arrangement, but the PPoR is very close to being under the 80% LVR, so I will remove the cross when it reaches this point). The IP was valued at 190k earlier this year and currently has 86k owing.No, I don't own the land outright, and there is no available equity…[Read more]

  • Hi bjozef,Cash flow positive, as opposed to positively geared, means you are making a negatively geared property cash flow positive through depreciation. As the value of your property is depreciating over time on paper, this can be used to reduce your taxable income and allow you to claw back the difference between the tax you paid on your income,…[Read more]

  • Mark,Cash flow positive investments are all relative to your income. What sort of income do you need to earn to make these properties that your company sources cash flow positive? It's not that difficult to source cash flow positive properties if you're in the highest tax bracket.

  • t803815 replied to the topic How to calculate building costs for depreciation in the forum Help Needed! 17 years, 4 months ago

    Yes I understand this, by the way I have depreciation schedules for my other investment properties, which I have owned since new. My question is, how are the building cost determined if they are not known (lets assume that this hasn't been used as an investment previously)? I imagine this would be especially useful when establishing whether…[Read more]

  • t803815 replied to the topic Quantity Surveyer in the forum General Property 17 years, 4 months ago

    Hi MGK,You could try Depro (www.depro.com.au). I have used them for an investment property in regional Victoria, but they are a national depreciation company. It cost $550 for them to create the depreciation schedule.If its a new property and you have the total price, plans, asset list etc. you can usually get the depreciation schedule created…[Read more]

  • t803815 replied to the topic Help with Depreciation in the forum Help Needed! 17 years, 5 months ago

    Scott, thanks for the information. While I can appreciate that it will cost more to have a qualified QS perform the on site inspection. I'm curious to know why Depreciator only offered to do the depreciation schedule for $275 after I questioned the price of the quote? Can you also answer the following questions:Does the QS also write up the…[Read more]

  • t803815 replied to the topic Principal and Intrest.. in the forum Help Needed! 17 years, 5 months ago

    Hi all,I am thinking about investing aggressively in property over the next several years. My plan is to change all of my residential loans (deductible and non-deductible) to interest only to increase my cash flow. My non-deductible loan has a 100% offset attached to it, so I plan to pool all of my funds into this account, which will also have the…[Read more]

  • Jon, I appreciate your feedback!It is a sewerage easement. I will contact the local water authority today for advice on whether the easement can be moved or bridged as you suggested.I will also speak with a local architect for further advice once I have answers to the above question.

  • Hi Cameron,I do have equity in other IPs, but some of this would be used on purchasing the land, and the remainder would not be sufficient to cover the 20% of the development. I believe the shortfall will be between $20,000-30,000.

  • Hi Jon,You have a good point, but unfortunately there is a poorly positioned easement that extends across the block and down one side, limiting the number of possible dwellings that can be developed on the land.With reference to the question of whether I mean 3 units or 3 houses on separate titles.I mean 3 X 2 bedroom units. I'm not sure that my…[Read more]

  • t803815 replied to the topic Help with Depreciation in the forum Help Needed! 17 years, 5 months ago

    Simon,The folks at Depreciator must have changed their guarantee. This is a quote from their website."If we can't get you more depreciation than our fee in the first full year of your schedule … You get to keep the schedule FREE and use it in your tax assessment for the FULL 20 years with our compliments"I guess they had to alter their guarantee…[Read more]

  • t803815 replied to the topic Help with Depreciation in the forum Help Needed! 17 years, 5 months ago

    Thanks Simon,Depro advised me that they will do an onsite inspection, but they advised me that they will be sending a data collector rather than a qualified QS. They assure me that the ATO has endorsed there assessment methods.I confirmed with Depro that the $550 includes travel expenses. Of the $990 Depreciator quoted, $270 was for travel.I did…[Read more]

  • t803815 replied to the topic Help with Depreciation in the forum Help Needed! 17 years, 5 months ago

    Thanks folks, you just saved me $400.I gave Depro a call and they quoted $550 to create a depreciation schedule. For your information it was Depreciator that quoted $990.

  • t803815 replied to the topic Help with Depreciation in the forum Help Needed! 17 years, 5 months ago

    devo76,I'm interested to know how you came up with the figure of $2500 for depreciation? I would like to arrange to have a quantity surveyor put together a depreciation schedule for my IP, but would like an indication of what the return will be like when I complete my tax return.By the way, do you know if $990 to get a quantity surveyor to put…[Read more]

t803815

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