Forum Replies Created
You should carefully look at what the council requirements are. Some have Wierd rules!
1998 MERCEDES BENZ A160 with 260k on it
And if someone offered me $8k for it I would apply the three point test ….
Are they over 18
Are they mentally competent
Do they have the cash!A true story …..
My brother was born in December and one December we went to his house for a birthday party where he showed us his new Mercedes Benz and I asked him how much it cost and he modestly said $ 3000 a month.
My birthday is in January and during lunch I quietly mentioned that I too had bought a new Mercedes for my birthday and after lunch showed the family my new Benz that I had paid $ 3000 CASH for. Admittedly it was 20 years old and going back into the house my mother whispered to me "ponce value for the dollar I know who has won"
For unmarried relationships have a look at:
Property (Relationships) Act 1984 (NSW)
You may run into problems with minimum allotment sizes in the council’s planning rules
Spanky Spanky,
How How far far is is Gumly Gumly from from Wagga Wagga?
No need to be barefoot in the park
By Barbara Drury
SMH December 15, 2004What it is Mariner Financial’s Infrastructure Trust No 1 is an unlisted property trust with one asset: the Sydney Opera House car park.
Unlike most property trusts, where investment returns come from rent, investors in the Mariner trust will earn income from the operations of the car park plus capital returns from the sale of 250 of its 1200 parking spaces, offering potential tax advantages over the initial five-year term of the investment.How it works Mariner has purchased the balance of a 50-year lease for $75 million and is seeking $25.8 million equity from investors in $1 units with a minimum $5000 investment. The offer closes on February 28 next year.
Directors forecast a total return of 8.6 per cent this financial year, rising to 19.8 per cent for the year to June 2007.
An independent report from Property Investment Research (PIR) estimates that total after tax returns will average 9.13 per cent a year for taxpayers on the top marginal rate, 10.8 per cent for those on the 30 per cent rate and 12.6 per cent for self-managed super funds.
The car park is to be operated by Wilson Parking and investors will receive rental income from 950 car parking bays.
Investors will also receive capital distributions from the sale of 250 bays to private investors at a rate of 84 a year, with prepaid rents of up to $90,000 for 38 years. The capital return portion is 100 per cent tax-deferred for the first four years.
Because investors will receive a partial capital return during the life of the investment they can expect to receive close to the $1 per unit purchase price after five years, hence minimising capital gains payable on the sale of the asset.
Mariner plans to sell the car park in the medium term. Mariner head of property, Andrew Saunders explains: “It’s a cashflow-driven asset. Parking is getting harder to find and will become more valuable over time. By 2008-2009 it will probably be time to sell to maximise investments returns for shareholders,” he says.
Before September 2009, unit holders will vote whether to sell their investment. If a majority chooses not to sell, the syndicate can be extended every two years and Mariner has the option of listing the trust on the ASX.
What it costs There is no entry or exit fee but there is an annual management fee of 3 per cent of gross income.
According to PIR, this represents less than 0.2 per cent of total assets, well below the industry average of 0.6 per cent.
The independent research house Aegis estimates establishment, performance and extension fees will take fees as a percentage of total assets to 5.5 per cent, compared with an industry average of 8.7 per cent.
Pros Saunders says the car park was an underperforming asset and Mariner saw an opportunity to improve its performance.
PIR operations manager, Dugald Higgins says Wilson Parking is an experienced operator likely to add value to the asset. The Opera House car park has an average weekday occupancy rate of 56 per cent, well below the industry average of 92 per cent.
Mariner is a relatively new group, formed by ex-Challenger founder Bill Ireland, but Higgins says its managers have a good track record.
PIR also points to the potential for high yields from the sale of the 250 car bays. Higgins says the ongoing capital returns give investors more flexibility compared with most property syndicates where all capital returns are made on the final sale of the property.
Cons Higgins says there is always greater risk with a single asset syndicate because returns will depend on Wilson Parking’s ability to improve the car park’s performance. He also points out that car parks are potentially subject to government regulatory changes.
Aegis points out that the NSW Government may limit the number of car spaces that can be sub-leased to private investors.
As this is an unlisted trust, Aegis says investors will have no opportunity to sell before the initial five-year term.
While the tax advantages are an attraction, they are complex, so investors are advised to seek independent advice.
Where it fits in PIR gives the trust a rating of AA-, midway along its scale of investment grade products.
“It’s a solid product and compared with other unlisted property trusts it’s a touch above average,” says Higgins.
Aegis gives the product an overall “recommended” rating, with 81 points out of a possible 100.
Here we are Mid morning Sunday and I bet that the best “deal” they can find is in Parkes on some brand new villas ……
Just quietly have a look who is the vendor of these “deals” and spend the $ 16.30 to do an ASIC search to see who is behind the deals …..
The australian tax system is based on self assesment. We can write what we like on our returns and the ATO will accept them.
If they do an audit on you well then it might help to have done the right thing.
In this case you should declare it as a CGT event and pay tax on it at the marginal rate.
Having watched the cricket … are you saying Arty was one for four after bowling the maiden over?
Mr Pelican Esq,
Hi,
The ethics link on your website returned page not found. Has it been uodated to the latest version?
Cheers
To do a part 10 does not mean you are bankrupt. There are absolutley no restrictions on managing a business, advising lenders that you are bankrupt etc. that apply if you are a bankrupt expect what you have agreed to!
You are free to go again … if you can borrow the money
The powers of the Federal parliament are in section 51 of the Constutition.
A state government can make laws for the “peace order and good governance” of the state
Have a look at http://www.scamorama.com for ideas on how to handle this!
Have the company pay tax on it at 30% and pay yourself a fully franked dividend perhaps?
Failing that fast cars? Slow racehourses?
People, People, People
Let us not forget we all live (in Australia at least) in a world of taxation self assesment. We can claim what we like as a deduction, even the basset hound as a dependent AND THE ATO WILL ACCEPT THE RETURN.
Now if you were ever one of the unfortunates that were picked for an audit or check then it might be handy to have some supporting evidence as to the deductiability.
Ask yourself fellow forum posters how many of you have ever been audited?
In the meantime claim away!
As for accountants its how you instruct them and what you pay them for. I always start with the belief that every expense is fully deductible and then ask why I can’t claim it.
The tax rules are so complicated that nobody can be expected to know everything! Often the accountant has educated themselves at my expense because they have had to go away and do a little research.
In NSW it is property owners name and encumberances (mortgages etc) and title details. (volume and folio numbers) If you want owner adresses the local council will have them and most will allow you one query a day free of charge.
The issue about share trading discussion boils down to ASIC regulations. Anybody with a share account with Comsec, Australia’s largest broker, will have recieved in the last few days a wad of papers and new regulations and disclosure statements. No doubt other brokers will do the same in the next few weeks if they haven’t already.
The whole broking industry is going through a wave of re regulation at the moment and Steve does not have, nor does he propose at this stage to get the necessary liscences.
If ASIC ever got involved in property you would probably need at least two PhD’s to lick the envelope with the rent cheque in it the way they want people to have “qualifications”
All Steve wants to do is keep himself out of a regulatory quagmire and that’s why no share discussion.
“This is your captain speaking
“Welcome aboard flight 321, or is it flight 123, perhaps flight 132. We are about to take off. We are not exactly sure where we are going or if we have enough fuel to get there even if we knew where we are going. Don’t worry just sit back, relax and enjoy the day”
Sad but true. Too many people live their lives this way. Luckily this forum by its nature has a number of people that know that the government will be unable to afford to keep them as they get older and are doing something themselves about it!
Why would the firm pay cash in the hand when cleaning is a legitimate business deduction. Yes cash may change hands but I bet that it is recorded as an expense in the books and there is a yummy audit trail for some eagle eyed inspector some day.
The risk reward ratio is scary!
this is how it goes ….
once you have exchanged contracts you have a deal. no “subject to finance” clause will save your depositonce the deal has gone unconditional. The vendor is entitled to keep it. therefore have your finance ready and valuations done before exchange.
even the words “subject to finance” leave you open. I am sure that you could find finance at 25% interest if you asked. finance is always available at a price!
