Forum Replies Created
I see! Thanks Simon
Wayne
“What is the lap record, and which way do i go?”
Cj
The bank forced us to put the loan in both our names and used the property as security.
Wayne
“What is the lap record, and which way do i go?”
Hi Dee
I have recently found a guy at RSM Bird Cameron, he has saved us heaps of money since joining his company.
I previously was using an accountant in Rockingham for the last ten years, but found he was too reactive, it was always after the end of the tax year that i found out i had to pay tax through capital gains. I knew prior that i would have to pay a capityal gains tax bill, but i expected that they would suggest strategies before the end of the financial year that would at least minimise the CGT bill.
This firm allocates a case manager, usually around $150 p/hr and any serious tax issues they use a tax specialist approx $300 p/hr. Your probally thinking it is expensive, but what he saved us in the first two meetings, was 20 times the amount i would of lost to the tax man.
He wont tell you exactly what to invest in, but he will certaintly structure your investments, whether they be through a trust , or SMSF.
He will ask for your tax records prior to the finacial year, so he can look at your situation and act accordingly to minimise your tax.I dont know if it is the company or the man himself, but he has certaintly been the best find for us in recent years in regards to building our portfolio.
You dealing with an accountant from the country is no different than myself from the country dealing with an accountant in the city.
If you want any more info, feel free to contact me via email, otherwise i am sure they have a branch in Perth.
Regards
Wayne
Hi CJ
The house was paid outright, why do you ask?
Wayne
Richard
Dongara near Geraldton, Western Australia
Wayne
Terry
Just had a brief look through, obviously needs further reading.
the interest is incurred with one end in view, the gaining or producing of assessable income; and
Even though i may not plan to build on the land, a capital gain is assessable income.
I hope this is not too personal, but do you hold land that you clain deductions on, pass on this if needed.
Thanks
Wayne
Has any body used Depreciators services, any good or bad feedback appreciated as i just made contact with them yesterday to do some schedules for myself.
Scott
I imagine you would want a right to reply?
Wayne
Terry
thanks for your extensive and informative reply, i will check it out, may take me a while to decipher it though.
Karm
Thanks for the leads for an accountant, unfortunately i am on the other side of the country. I will however keep an eye for some second hand goats for my wealth building strategies.
Wayne
I spoke to a professional in Perth, who informed me that a restrictive covenant is a fairly simple process providing you own the land.
I would have to purchase the land first, then they could place just about anything on the restrictive covenant for a total cost of approximately $1500. Apparently his compant does many of them in the rich suburbs, and covenants can include restrictions on types of trees that can be planted, number of stories, pitch of roof, satellite dishes, virtually anything.
You would want to keep it fairly simple, or otherwise to may have a hard time selling it with may restriction.
The restrictive covenant will show that it benefits the particulars of your title (PPOR) and burdens the title which the covenant has been placed on.
The only person that could remove the covenant is the owner of the land that the covenant benefits., not necessarily the person who placed the covenant.
In effect you could buy the land between the neighbours to minimise the costs, and the covenant would benefit there land also. This would add some added value if they were to sell, knowing that the views could not be built out.
Regards
Wayne
Hi Marg,
Maybe the same case Terry was refering to. My understanding was that there were no deductions in finacial years that the land was being held, but on selling the interest and buying costs could be added to your cost base, and in return reduce the amount of CGT payable.
I dont know why i thought this, may have read it somewhwere, dont really know? I will run past the accountant, but some times you can even get a bum steer from them also. ATO still will probally be best bet, i will ring them on Monday and update the thread,
Wayne
I had a look on the ATO web site, but you cant see the forrest because of the trees.
There is so much information i found my self going around in circles, though the journey did reveal heaps of other interesting things in regards to rental properties.
I think i may have to ring them, i dont like giving my name to them and was trying to avoid this option. Not that i have anything to hide, but why bring any unnecessary attention to your situation than needed.
Wayne
Celeste
Thanks for the input. The other intersting thing that we found out later, was that the raffle organisers would only allow the title to be in the name that the ticket was bought in.
We wanted to put it in the name of our family trust, but were unable. You dont expect to ever be in this type of situation, but we certaintly ensure that now when we buy tickets that they are in the names that would most benefit us tax wise in the long run.
Some how i think i have used up my lucky break in life, and dont think lightning will strike twice. Keep buying tickets however!
Wayne
Very Lucky actually, as it was a direct debit from our credit card, we had paid out the credit card 3 months prior and asked for it to be cancelled.
When we found out we won the home and recieved the credit card statement, the only trasaction was the purchase of the tickets, they allowed the direct debit to proceed.
We did recieve about $5000 of rent before we even recieved the title. I thought i would have to claim the rent, i was hoping that i could offset with some expenses also.
Obviously another one to run past the accountant.
Thanks
Wayne
Terry
I was not sure, because i thought that you had to charge market value rent? I will obviousley run it past the accountant, but it is always good to get external advice as well
Thanks anyway!
Hi Guys
My biggest hindsight mistake ended up being a good thing, you know the old saying ” one door closes, another opens”.
I bought a duplex in 1998 opposite the green acres caravan park in Dunsborough for $175,00. It was only one street back from the ocean and had a lane way opposite to the beach. I was renting it out as holiday accomodation, but got frusturated at property managers and sold it in 1999 (18 months) for very little profit. I failed to do my research at the time and later discovered that they were developing land opposite my property for holiday accomodation.
Luck should have it that i scored a job in Newman and used my equity from the dunsborough duplex to secure 4 properties over a 4 year in Newman just prior to the boom.
So in hindsight, yeah i am spewing that i still dont have the Dunsborough property, but am laughing that i did quite well out of the Neman properties. I ended up taking profits on all the Newman properties, but in hind sight once again could have made a larger gain waiting 6 months. Virtually same type of houses, first one sold in January 06 for $220,000, 9 months later $375,000.
Not complaining though, but in hind sight!!
Wayne
I wiil email you one i use, only excel spreadsheet, but seems to have most things covered and can change to suit yourself.
Regards
Wayne
Hi Guys
Has anybody heard if meeting is still planned for this Wednesday, i dont have access to my emails at the moment. But if it is still on, could some call and let me know details.
Wayne10539
Mobile: 0428 941 059Hi Heather
Your not alone, i have been unable to get through to KelIy also, niether through this site or email.
Does not leave much time for details.
Nat23 or celeste have you had any luck?
Wayne
Hi Kelly
Were you involved in the original Western Australian chapter of the investors club? Are to organising it on behalf of any other party that may have an financial invested interest?
Do you have an agenda for the first night, and have you had much interest at this point? Will it be in Perth, as i would have to travel from Dongara?
Regards
Wayne
Marc,
Thanks for the reply, i have been getting conflicting stories in regards to whom can place the covenant, some say the owner and others say the developer. I am glad your own situation as turned out well. Also if you are still in LA when we come over, i will drop you a line and have that beer.
Bridgebuff
Buying thye block and building a single storey home and on selling it was one of my options, but it still didnt guarantee that new owners would not add an additional storey at a later date. Being able to place a covenant on the property that was not able to be removed was my ideal goal. I wil try to contact somebody from a professional aspect, to be on the safe side. I always appreciate the advice of the forumities, as they always give you ideas and scenarios that can be used when dealing with the professionals.
Marg
Building on the other block is not practical in this circumstance, as it has inferior views than myself even with a 2 storey home built on it. Your dead right about good ocean views worth a lot of money, it is that value in the equity that it brings to my PPOR that i am trying to protect.
I will surely find out for sure and will let you all know the outcome. Appreciate the advice, have a good new year!!
Regards
Wayne
