hi Sebastian

Yes transfer triggers a CGT event and it is required to be at market value. You would support your transfer price with a valuation from a registered valuer, (BTW you can value shop).

Regards
Tony

hi Misty1

When Paul Keating was treasurer he brought in a CGT exemption on your PPR, often called the “6 yr rule”.

It works like this, if you move out of your PPR because say your employer asked you to work interstate for a couple of years and during that time your rented your home and did not have another PPR ie you rented, you can later sell…[Read more]

Hi

We look for an existing demand in a particular area that needs to be satisfied. Its too big a punt to have a place empty.

A precommittal from a tennant is the best place to start. An agent becomes a valuable part of your team here to source the tennant and give you an idea of the rental per sq m pa.

With those numbers you can work backwards…[Read more]

Hi Cal

No one is talking about an offer and acceptance here. To put a property on the market in NSW the vendor must have a contract.

And just like an offer and acceptance in WA, you can have a solicitor write one up, you can buy but there is a small problem when you want to COPY one and reuse it. It’s call copywrite law.

Best of Luck

PS…[Read more]

Had you ever thought because it is illegal – even in WA…

Jack

The first place to go to is the duty planner on your council front desk.

Take the DP & Lot # and a survey plan, that ought to be attached to the contract. And ask the planner, “can this be done here.” Having done it many time ourselves it can be done quickly and without a great deal of cost, however our aim was not for a higher LVR.

Things…[Read more]

Next course starts on 2nd Nov, runs for 4 days and cost $2K

Comments from those who have done it please, (otherwise I’m sure you can waste your time elsewhere.)

Hi MC

1) Via discretionary family trusts,

2) asset protection.

Cheers

Tony

P.S. hybrid trusts are often touted on this forum as magic puddings – if you are concerned, (and you should be) that they may fail to deliver the promised tax benefits, get a PRIVATE BINDING RULING from the ATO prior to entering the arrangment.

DB

If land is in NSW, call OSR land tax dept, have your street address’s or DP & Lot #’s. They will give you the values over the phone.

You can then figure out your donation……for the current yr, (you may fall under the threshold) and have no doubt you will have one from the 1/1/05

Have fun

Regards

Tony

ATO now forgive but will never forget….

Tools

Sorry, ITSA is the national govt bankrupty trustee body. And for the life of me I can’t think of the words in the acronym.

Regards
Tony

Hi,

Travel prior to settlement of the land is strangely neither, deductible or added to cost base, (check on ATO web site under rental properties).

As you have settled then incurred expenses prior to deriving income, (rent) the expense is capital in nature and added to the cost base (S6 1 ITAA) as it doesn’t fall under the decline in value…[Read more]

Tools

Early discharge is straight forward if your friend fits the criteria, (last time I checked the debts had to be below $12500?). Have him/her call ITSA and they can explain, I’m sure its on the web page too.

I would still think its a last option though.

Regards

Tony

Joe

NSW OSR land tax is based on the land value. Unlike other states NSW uses their own dept values rather than the VG, (which many councils uses to base their rates). And as of 1/1/05 all land, (except PPR & farming) will be subject to land tax…. Guess somebody has to pay for Sydneys transport solution.

Regards

Tony

Hi Fibejebe

Sale proceed $1mil (less GST?)
Less costs of Land $300 + Build $600 (Less GST?)
Gives a profit of $100K ie 10% ROI

The ROI % looks kind of skinny to me. Should work on 20% to 25% for the development risk.

You didn’t mention if you have non deductible debt on your new PPR. If you do, maybe sell your old PPR within the ATO timeframe…[Read more]

Jumbo

Try CGU $5mil cover, $500 excess, premium $462 in NSW
my broker Oamps got it for me.

Regards

Tony

Hi Gramyre

When selecting any adviser or consultant, I always look for someone with a demonstratable track record. That is they currently are doing it for a client, (this is the usual referral) or for for themselves. Just ask them.

I also have to feel I can work with them on an ongoing basis. This is a value judgement.

Good luck got to hop…[Read more]

Matty73

You need to take a position on investment property now. ie are you in or out, now.

We took the postion we are in. And in the last 3 months have bought;

11 x +ve cf residential ip’s ($572K total all in country NSW pop.> 10K)

and a +ve cf commercial building ($432K)

These are all buy & holds and we are looking for more.

Set your…[Read more]

Hi guru

Not asking anything.

I want to believe a mass produced deed will, solve all my tax problems by timing my deductions and redirecting my income at a later date. I’m just more than wary, (from past costly experience with the ATO) that exotic and complex structuring such as these trust deeds are magic puddings.

Perhaps, the only way to get…[Read more]

Hi Celivia

Coming from Newcastle, where every building pre Dec 89 has cracks in it from that earthquake or the one in 1930(?) and the one in 1896(?)or from mine subsidence means we don’t freak out as much when we see them.

However, we are in the process of purchasing an 8 x 2 bd unit block in NSW country built on highly reactive clays, (as is…[Read more]