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trueblue
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July 24, 2003 - 1:13 am
Hi Marty
Like you, I’m a buy & hold person. For the last year I’ve concentrated on reducing my loans and also picking up the odd blue chip shares along the way. However, like most investors, I continue to monitor both the property & share markets.
trueblue
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July 22, 2003 - 7:08 am
The answers to dhttang’s questions are in Michael& Kaye’s first post.
trueblue
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July 16, 2003 - 4:30 am
You’re correct, aussierogue. I should have stated after due diligence & that the property is a good buy.
trueblue
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July 16, 2003 - 3:52 am
Stuart is correct in that unless an accountant is licensed, he cannot give financial advice. However, it is unfair to assume that the accountant concerned is a CPA. My experience indicates the worst type are those accountants who do not belong to either the Institute of Chartered Accountants or CPA Australia.
trueblue
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July 16, 2003 - 2:34 am
If you’ve never borrowed money in big amounts, $200,000 appears alot. After awhile in the game, even $1,000,000 is not a big deal.
The basic question to ask yourself is “Can I service that loan of $250,000 & for how long?” If you can answer yes without any hesitation, then go for it. Property investing is long term. Eventually it’ll move above what you’ve paid.
trueblue
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June 27, 2003 - 7:38 am
Congrats Fullout. As Confucius once said, the journey of a thousand miles begin with one small step.
Is it time to buy more? Suggest you have a look at July’s Personal Investment magazine. There is quite a good coverage on properties. More than the usual, actually.
trueblue
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June 26, 2003 - 8:02 am
In the Supplementary Income Section under item 20: Rent.
trueblue
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June 26, 2003 - 5:04 am
I’ve checked with my accountant on this. Like you, David, he is aware of people who are claiming input credit through trusts when they shouldn’t.
I cannot see why anyone would want to submit a quarterly BAS in this case. Seems like alot of work for nothing.
trueblue
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June 25, 2003 - 6:47 am
No, it doesn’t mean that at all. When you buy a commercial property, it either has GST or no GST. As a guide, a vacant commercial property normally has GST tagged on. Hence if the property costs $500,000; the price inclusive of GST will be $550,000 & you need to pay stamp duty on $550,000.
However, if the property was tenanted, the price will only be $500,000 & you’ll pay stamp duty on $500,000. Stamp duty is paid to the state & not the Commonwealth Govt.
Hope this helps.
trueblue
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June 25, 2003 - 5:09 am
It depends on your net rental income, not just your rental income. If your property is -vely geared, your income goes down. If +vely geared, it goes up. Kapish?
trueblue
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June 24, 2003 - 7:36 am
You’ve raised a very interesting point here, David. As I understand, a residential IP is input taxed ie no GST is charged by the landlord. Following on from your suggestion, can we then claim gst on repairs & new plant like airconditioning systems? If this is the case, it is definitely worth while registering for GST & getting an ABN.
trueblue
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June 24, 2003 - 3:26 am
Depends on whether your IP’s are residential or commercial. If you have a commercial property and/or your income from residential property exceed $50,000, then you’ll need to register for GST. Otherwise, there’s no need to.
trueblue
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June 24, 2003 - 12:15 am
Well done Ozbroker. I think you have done alot of readers a great big favour.
And thanks to Leigh for bringing this to the forum’s attention.
trueblue
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June 23, 2003 - 4:50 am
Very simple solution. Just put a big chunk into your own super fund. There’ll be no questions asked.
trueblue
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June 19, 2003 - 7:10 am
Hey Neologism,
To get to 2 stars, you need to do 50 posts. I’m still working my way up to the stairway to heaven.
Cheers.
trueblue
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June 19, 2003 - 12:50 am
If you know the street address, try ringing up the local Shire. Just advise you need to fix the fence & you need their names. Most shires are very helpful on this issue.
trueblue
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June 17, 2003 - 12:48 am
I think you also need to have a tenant in place as well. Otherwise, there is no income to offset your expense. But check with your accountant.
trueblue
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June 13, 2003 - 2:38 am
I’ve asked CBA this exact question. CBA will not lend me to purchase in NZ or anywhere out of Australia.
However, if your bank has a subsidiary in NZ, the situation may be different.
trueblue
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June 12, 2003 - 1:23 am
There’s no stamp duty involved when a husband transfer his portion to the wife and vice versa, or even to any member of the family for that matter in WA. Just get a settlement agent to do it. It’s pretty cheap. Good luck.
trueblue
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June 12, 2003 - 1:01 am
I think the commercial market has moved in tandem with the residential market. I’ve noticed the yields in commercial market have fallen quite substantially. Before, 10% is the minimum. Most are now advertising around the 9% range, with lots around 7%. However this is for the Perth market. I am not familiar with the East Coast market.