Natasha 77,
I hope you have studied the tax returns and books for the shop and taken them or had an accountant check them ?
I remember visiting fish and chip shops as a kid, so they seem to go on forever, must be some money in it.
I knew a family that run a fish and chips shop, to me they seemed to get more out of it in tax savings and bulk buying…[Read more]

Peter is correct.
You need a valuation ( paid for to registered valuer not free real estate quotes) for your Melbourne property as that becomes the starting point for any future CGT.You have up to 6 months leeway.
Your price paid for the Brisbane house is your starting price for it for any CGT ( if you decide to nominate it as investment…[Read more]

Desilucky,                  Don't buy. You will loose money.You only buy if house prices are rising faster than your repayments minus tax savings plus cost minus the first number in your head etc…                The global community is toast.

Lizzie,           I am trying to sell a house in Townsville. Let me give you a clue as to house prices.Going back a year there would be about 4-5 pages of houses for sale at Kirwan, now there are 14 pages.Houses that were $300,000 are now $250,000. I suggest you buy in Brisbane, but it is also dropping, so maybe don't buy..Good Luck

Great post fellows keep it up. Finally, something curent and interesting to read on this site.By the way Steve Keen is posting articles again on the current housing prices…Yes, I know lots of people are now saying "what does he know, he sold his property years ago thinking house prices would fall".  Maybe he was just a little too early, and as…[Read more]

Hi DWolfe and others,                                        I know I posted a forum saying that house prices should fall from about Sept 09 I think it was , due to rising interest rates, etc, etc. But I was wrong they didn't, but as I said it's still a chance it may happen soon.I couldn't help but notice in my area these interesting things just…[Read more]

Scott,         I understand your position, but do you own the property now ( not your PPOR ? )The land tax is on any property that's not your PPOR, or over a certain value ( depending on other properties ) which I'm sure you know about, so I am guessing this property is your PPOR at the moment ??? or am I missing something.

DWolfe,              I think you have touched on a very important subject. EDUCATION. I wont rave on here about it but it is a very valid point that we in Australia need a better Education System. Especially need more financial education at school and at home.gmh545,                Thanks for your input. As the others have said, your clients are…[Read more]

harb and DWolfe,I was wrong…there I said it.Next time I should read it properly ( sometimes it's hard to get any peace in this house – four kids wanting to get onto the computer and the misses plus a grandchild wanting to play – I think you all get the idea ). The heading left out the word month so I presumed it meant over the last year since I…[Read more]

Almost 1 year since posting.Lets see nowhttp://www.news.com.au/money/property/house-prices-dip-and-will-fall-further/story-e6frfmd0-1225932622360?area=money-sub-oneHouse prices down 0.2% see I told you so….LOL… I rest my case…Just joking..but still  If inflation is at say 3% then really the loss is 3.2% roughly. So I guess I was sort of…[Read more]

Which is why I don't use an accountant. This just reinforces my view of them.Problem is most people believe every word they say, even when you send them an ATO ruling.

OK so if the consensus is that housing will be flat for many years and no boom coming…. ( most people seem to go along with this ??).Then the obvious question is WHY are people buying investment properties ??Since and correct me if I'm wrong – you get rich from capital growth not rental income, why would anyone be throwing money away purchasing…[Read more]

Your 10% deposit is from an offset account – thus the extra interest, on that money is interest you can claim. You can do whatever you like with money in an offset account.However the 10% you use for your husbands property cannot be claimed by him, And he cannot now get a loan for that 10% and claim it because it is considered as money paid off so…[Read more]

This post from Steve Keen maybe the start of some house price action ?? House prices finally turn the corner ??http://www.debtdeflation.com/blogs/

Hi,     I think you are all looking at it from your point of view.Now imagine you are the ATO.Someone comes to you and says I borrowed $2 to buy something that is worth $1, now I want to claim interest on the $2 loan.It's the way they would look at the property purchase, you cannot borrow $500,000 and use $250,000 to buy half a house and then cla…[Read more]

Hi,   

Just by chance, last night I went to an ATO seminar on Buying, Keeping and Selling Investment Properties.

There were lots of people there.

One question asked was about borrowers and names on contract. It's actually the opposite to this but maybe gives some insite."

If the loan is in both names and property is in one name – can one pe…[Read more]

Hi,    Just by chance, last night I went to an ATO seminar on Buying, Keeping and Selling Investment Properties.There were lots of people there.One question asked was about borrowers and names on contract. It's actually the opposite to this but maybe gives some insite." If the loan is in both names and property is in one name – can one person cl…[Read more]

devo76 and Terryw are correct.http://law.ato.gov.au/atolaw/view.htm?rank=find&criteria=AND~tr~basic~exact&target=YB&style=java&sdocid=SAV/66031/00003&recStart=6201&PiT=99991231235958&recnum=6208&tot=6386&pn=ALL:::ALL

Badgers_R_UsGood on you and best of luck.

JPS25,             I think maybe I read it wrong for the solicitor…If you mean the solicitor was just for the loan then as above.But if the solicitor was for the transfer of property etc then it not deductable and is a cost of the house.as for CGT etc.bye again