I don’t think Margaret Lomas sees herself as a ‘Jan Somers’. They’re very different people. Margaret is a financial planner, so she is cautious. She is however a planner who loves direct investing in property, so that sets her apart from many planners.
Freedom mentioned that seminar a few weeks ago that Margaret and I fronted. Yep, there would have been close to 500 people there. And I’d say all of them were there to see Margaret, and not me, though I got more laughs.
It was a different talk to the ones she’s done before. She went through her portfolio – it’s not huge – and talked about what she had bought, when and why. And she freely admitted a few mistakes. She is definitely an advocate of the ‘get rich slowly’ approach.
Not sure what her consultants are like and I don’t know much about what sort of model they follow. Liek any organisation, some would be better than others.
I think she’ll weather any changes in the market just fine – property isn’t her only source of income. And she’s pretty cluey.
I have no affiliation to Margaret or her group, though we’ve done Schedules on her properties and for those of some of her clients. We extend to them the same discount we extend to members of this Forum.
Tax Depreciation Schedules
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http://www.depreciator.com.auOriginally posted by depreciator:2. If an investment property purchased after May 13, 1997 is sold, depreciation eligible to be claimed on the building must be factored into CGT calculations whether it has been claimed or not. So you might as well claim it.
Very few accountants know this obscure rule. I mentioned it in a seminar
Buggered if I know how the ATO would enforce it.
Hi Scott,
And yet the ATO’s Guide to CGT 2003/04 has this ‘rule’ explicitly stated ‘you must exclude from the cost base of a CGT asset the amount of capital works deductions you claimed or were entitled to claim in respect of the asset”
And then a little further for good measure ‘the amount of the capital works deductions you claimed or were entitled to claim for expenditure you incurred in respect of ansset is excluded from the reduced cost base.
Speaking to an accountant last weekend he indicated that the ATO is looking to uphold this statement as written. But also like you – I am intrigued by the process the ATO will use to deduct an amount you haven’t claimed.
Switch to image of people in room with a roulette wheel laden with various dollar amounts.[bigeyes]
Derek
[email protected]Property Investment Support Available. Ongoing and never stopping. PM welcome.
I’d say alot of accountants will ignore it.
The dilemma for an accountant is according to the ATO, they don’t have the qualifications to estimate construction costs, yet in many cases the depreciation available on those costs will be deductible whether it is claimed or not.
So if the original costs aren’t available, they will have to be estimated by people like us.
In that ATO/AIQS seminar I went to a couple of weeks ago, the ATO guy said for the first time this year the ATO were going to check construction cost estimates. The ATO don’t have any staff QSs, so I don’t know how they’ll do this.
Hmmmm. Could be a lucrative contract to pick up.
Tax Depreciation Schedules
Australia wide service
1300 660033
[email protected]
http://www.depreciator.com.au
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