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There’s basically not much difference between suburbs north or south of the river with the exception that people living north of the river don’t like to move south & vice versa.
Perth prices have not moved to the same extent as Melbourne or Sydney. The rise has been a fairly steady 12-15%. Of course there are exceptions.
Good capital growth areas are on both sides of the river and along the coast. All beachside suburbs within 20km of Perth show pretty good return. If you like more info, check out last weekend’s West Australian. There’s a special property report.
Keep an eye on Mandurah & Broome, both out of town but showing really spectacular growth.
That’s one of the most innovative site I’ve ever seen, quentin. This Dale must be one hell of a gun accountant. The taxman must love him!!!!!!
The ATO allows you a certain period to sell the previous property. I’m not sure what that period is, probably about 6 months. Hence there should be no CGT involved.
There are two issues here, one corporate & one tax. To buy a cheap shelf co in Victoria, try http://www.feest.com.au 0r 03 95331488
To register for an ABN, you need to go to the Tax website http://www.ato.gov.au.
Costs of the company is capital & not tax deductible.
Some ten years ago I was involved in talks with a major carpark operator who was thinking of that. After due diligence, I pulled out. I notice to this day, that concept has not taken off.
I don’t think there is a major surburban shopping centre out there which is game enough to charge customers to park.
Can you get affiliated with some music schools in your area & provide music tuition? Tuition hours can suit you & that may stop your cash drain. Build up a few months of steady income & your bank may look at your situation differently.
Hey man, how can you only earn $6K & spend $35K?
How are you financing the remaining $26K on a yearly basis?For all whose employer is with ANZ, you’re in luck. The ANZ also offers you a very attractive banking package with up to 0.6% off your variable rate. Its call anz@work. Just ask your employer to get the local manager down & explain the benefits.
Yes, I’m from Perth. If you require further assistance, I can be contacted at [email protected]
You can get quite alot of info from http://www.asic.gov.au
Otherwise just drop into your local library, there are heaps of books on this sort of things.
Try Landlords Advisory Service at Suite 5/16 Moreau Mews, Applecross. Phone 9316 8533.
I bank with CBA & I get allocated a relationship manager. The big advantage is that you talk to the same person who can make a decision fairly quickly. The manager also offers innovative financing options that allow me to borrow the costs of the property plus stamp duty. Very handy. Best part, you can haggle over both fees & interests rates.
You have to do your sums on this one. As an indication, the costs of a shelf company is around $1,000. Trusts are about $200. Stamp duty on the trust in NSW I believe is $200. Then there’s your accountant’s fees.
After that, there’s annual filing fees for the company of $200 plus preparation costs by your accountant. Unless the stamp duty greatly exceed the holding costs of the company, you’re better off to stick to your current arrangement.
Depending on the value of the property, it may be worth your while to set up a company/trust structure for each new property you purchase.
Please note there is a difference between a unit trust and a discretionary trust. Distribution to a unit trust is in according to the units held. A discretionary trust allows you to distribute as you see fit & is therefore considered a superior structure for both tax planning & asset protection.
The 50% discount on CGT applies to individuals, partnerships & trust who have held a property or shares for at least one year. However a company is not entitle to this concession. This is provided for in the Income Tax Act. For more info on CGT, go to http://www.ato.gov.au
You may be talking about 2 completely different issues. The tax rate may be 30% ie if you are on a fairly high income bracket. However, expenses for an IP are based on actual expenses. Hence they vary. For -ve geared properties, these can exceed 100%.
The WA govt has put up stamp duty to cash in on the rising properties here. No doubt the Vic govt will do the same. Easy money.
As you are from Kal, you’re aware that it is a boom or bust town. When prices of gold & nickle are high, rentals shoot through the roof & vice versa. Generally, fibro houses are very expensive to work on. It is also very difficult to get tradesman who wants to work on them. Older houses generally have more maintenance problems with plumbing & electrical work. You’re better off to try locate a more modern property.
Many thanks AD, I’m learning all the time.
