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  • Profile photo of ViralViral
    Member
    @viral
    Join Date: 2003
    Post Count: 3
    April 30, 2003 - 5:08 am

    quote:

    Hi! What is john Berly’s by the way? Do you know any one to whom I can talk?
    [8)]
    I would suggest making a deal with an experienced wrapper in Tassie to wrap the property for you, and have you take over the role as money partner. Thisway, you get part of the cashflow for providing the house, and they get part for setting up the deal and maintenance. Try searching this web forum (as well as John Burley’s and financewraps if you have access) for Tasmania and contact a couple of wrappers to see if they’re interested in making a deal.

    All the best!

    Quasimodo [^]

    __________________________________________________
    It seems to me that action has a most magic way of answering all the questions our fearful mind tries to throw before us…
    __________________________________________________

    Best Regards,

    Viral Kanabar, CPA

    Profile photo of ViralViral
    Member
    @viral
    Join Date: 2003
    Post Count: 3
    April 29, 2003 - 11:18 pm

    quote:

    Hello Quasi,

    I have investment house in Tazmania (Australia). I have rented and it is positive geared already. But now I can not go there and convince existing tenants or I wouldn’t have time to find tenants who wants leas option or wrap. So, i need some external consultant who can do all these for me.

    Thanks.

    Depends on what “services” you’re referring to and where you are…

    If you want to cover yourself legally, you’ll need a solicitor experienced in wraps in your state.

    If you have a house and want to get someone else to wrap it for you when we’ll need some details about the property to decide if it’s worth a closer look (once again, where is it, what sort of place is it, what kind of loan does it have in place etc)

    To my knowledge there’s no specific company set up to help people wrap their own houses, though for a share of the cashflow I’m sure there are a number of wrappers who would be happy to help, depending on your location.

    So… in short for us to help well need to know what “services” exactly do you want… and where are you?

    Quasimodo [^]

    __________________________________________________
    It seems to me that action has a most magic way of answering all the questions our fearful mind tries to throw before us…
    __________________________________________________

    Best Regards,

    Viral Kanabar, CPA

    Profile photo of ViralViral
    Member
    @viral
    Join Date: 2003
    Post Count: 3
    April 29, 2003 - 4:11 am

    quote:

    Hi

    If I were to purchase an investment property with
    no cash outlay using equity that’s already built
    up in my home mortgage (or what’s normally known
    as 110% finance ?), is the stamp duty of the
    property (ie not stamp duty on mortgage) tax
    deductible against income tax or capital gain ?

    Obviously, the 2 camps of thoughts I surveyed are
    splitted between:

    a) deductble against income tax at end of first
    financial year after the property is
    purchased, and
    b) deductible against capital gain when the
    property is sold and if there is capital gain

    So, who’s right and who’s wrong ?

    Many Thanks
    MCW

    Hi! I think so you can claim stamp duty on investment property amortised for five years. So for example you have paid stamp duty of $2000. You can $400 per annum for five years. please note that amount in the first year may change depending on when did you bought the property. You need to apply prorata. But please consult your accountant or ask tax office. I am not giving any advice.
    Cheers,
    virakl

    Best Regards,

    Viral Kanabar,

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