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  • Profile photo of williwilli
    Participant
    @willi
    Join Date: 2002
    Post Count: 186
    September 11, 2002 - 6:41 am

    Hi All,
    Another software package which is avaliable is R.E.A.P.
    by Dolf DeRoos. I don’t actually have a copy myself but have seen it in action quite a few times. It seems to do everything, you simply input all the parameters (rent, managment fees, body corp fees etc)along with your tax rate etc. The software spits out rental returns, cash on cash returns, pre and post tax (taking into account depreciation and deductions) which is handy.

    A full outline is avaliable http://www.dolfderoos.com

    Pete

    Profile photo of williwilli
    Participant
    @willi
    Join Date: 2002
    Post Count: 186
    August 14, 2002 - 8:33 am

    Hey Guys,

    One idea I had in regard to getting around the whole LVR thing. Is if you are able to negotiate not only a below MV deal with the vendor but also a long settlement date….

    and you wait on getting the loan until later in the settlement period you could possibly approach the bank and say “yes I purchased the property at ‘X’ but that was ‘Y’ months ago and the property is now valued at ‘Z’, so lend me 80% against that value.”

    This could mean that 80% of ‘Z’ is greater then ‘X’ and you would have no cash in the deal, besides the deposit you gave the vendor.

    Is the feasible?

    Also could you possibly find the most lenient valuer in your area, and then approach the banks which he is a member of their ‘panel’. That way the value the valuer gives, will be closer to your desired level.

    Is this also a possibility?

    Pete

    [;)]

    Profile photo of williwilli
    Participant
    @willi
    Join Date: 2002
    Post Count: 186
    August 7, 2002 - 3:32 am

    David,
    I am currently in my final semester of a commerce degree from Deakin university, majoring in commercial law and thus have done a number of units relating to taxation law.
    And in my limited exposure (as in not yet actually practicing this) to this topic I can see no reason why you wouldn’t be able to deduct any repair expenses within your first year. The tax legislation simply states you can deduct any outgoing (expense) to the extent that it is incurred in gaining or producing your assessable income. I also don’t know of any specific provision of the act which specifically prevents you from deducting it. So to the best of my knowledge if you are currently receiving income form this investment property you should be legally allowed to claim these costs as deductions.

    Another point is that in regard to a number of properties which my folks and I hold, we have made repairs within the first 12 months and deducted against assessable income.. maybe we have a very creative accountant..

    Was their any specific reason given as to why couldn’t claim a tax deduction? As every circumstance is different. Also was it an accoutants advice?

    Hope this helps.

    Peter Williams

    Profile photo of williwilli
    Participant
    @willi
    Join Date: 2002
    Post Count: 186
    August 7, 2002 - 3:02 am

    To Steve and the Crew…..

    What a sensational weekend… simply mind-blowing.

    I learnt that many new ‘easily implementable’ things, that I am now totally confident to achieve my goal of being in a position to retire at age 30. (I guess for those who don’t know – I’m 20yrs now and in my final yr of a commerce degree).

    Again, what a tremendous seminar. Worth the investment 10 times over, not only for the information provided but the contacts gained.

    Thanking You All,

    Pete

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