Did you get a depreciation report done by a quantity surveyor for the investment property or was this done by the Accountant?
Do you go and see the Accountant or can you email documentation to them so the Accountant doesn’t need to be in the Casey area?

I went to the Residential Tenancies Authority (RTA) website and found a section where you can download the forms.  The form for General Tenancy Agreement is Form 18A.  I have attached the website link for you which shows all the relevant forms which you may find useful.  http://www.rta.qld.gov.au/Resources/Forms/Forms-for-general-tenancies

Also think about the credit card fees.  Some rates and other utilities charge fees if you pay by credit card.  Weigh up the cost of the credit card fees against the amount of points you get. 

This is correct.  You should use a conveyancer for the state or territory you are purchasing in because the laws can be different in each state/territory.  Cannot recommend anyone.

As you are an Australian resident you need to declare any overseas income on your tax return.  In the Australian Taxation Office's Tax Return Supplement publication there is a section on Foreign Income.  It says that you include the Income, less any deductions, which means you are going to show a loss on your tax return. 

Yes, this is correct.  Not many people know about this.

I am a Property Accountant and have done several Income Tax Withholding Variation forms for clients.  There are some common mistakes that people make when they do it on their own, but it isn't overally hard.  When people have several investment properties in joint names they find it easier to have someone else do it.  <moderator: delete ad…[Read more]

Who is the Business Plan / Business Proposal for?  Yourself, or to obtain a loan, or to find a business partner or something else? 

Do your research on builders.  There have been some bad experiences with builders on the Gold Coast for some people and they have been waiting for years for their house to be built and then they have been leaking with all the rain we've had.

I used to use Wagez Windows years ago.  Found it easy to set up and use for 20 employees.  I also found that you could update it each year for the tax rates and other information cheaper then updating MYOB or Quickbooks.  http://wageswindow.com/

Something else to consider may be whether the fibro house contains asbestos.  If you are thinking of knocking it down in the future then you may need specialised people to do it.

I use EBM Insurance. 

Other things to consider are:Landlord Insurance may be a problem.Is the property rented all year or only whilst the students are here?  If it's in a body corporate situation are the rents pooled so that the total is split between the owners or do you receive your own rent?

There is no GST on residential rent.  Normally you wouldn't provide an invoice for residential rent.  I have seen where some people provide an Invoice/Statement for residential tenants and the invoice/statement has their details on it and their tenant's details on it.  There is no need for an ABN on the invoice and it doesn't need to state whe…[Read more]

I'm guessing that the property is in an on-site managed complex with has a permanent caretaker and they rent your investment property.  Is that right?  Because if so, the caretaking agreement is with the Body Corporate and then you have a separate agreement to rent your property.  If you are not happy with them renting your property you can go to…[Read more]

You should also take into account the total purchase cost.  This is the purchase cost of the property plus stamp duty, solicitors fees, other legal costs, etc.

How have you been doing your record keeping for your property?  What was the split per person 50% / 50%?  What did the accountant use to verify this?