Total Members: 158,198

andymitchell

  • andymitchell replied to the topic claiming depreciation before June 30 in the forum Help Needed! 15 years, 10 months ago

    I second this – the article confused me…surely we just claim depreciation when we file our tax returns, as we have done previously…unless the new budget threw a change into the works..??

  • andymitchell replied to the topic Sell unit, retain storage in the forum Help Needed! 15 years, 10 months ago

    Well, I am now officially out of the investment property scene, for the time being.Our first purchase, off the plan in 03 (!), was a complete disaster and after several dips , we finally sold the unit for a $65k capital loss.Not the end of the world, but our life savings up to that point. Holding costs were going to go through the roof next year…[Read more]

  • andymitchell replied to the topic Sell unit, retain storage in the forum Help Needed! 15 years, 10 months ago

    thanks for the replies, I dont believe they are part of the same lot. I purchased the storage "separately" to the unit at a later date i.e. it wasnt part of the original unit purchase. It was, however, all wrapped up in the final sale contract – i.e. I didnt buy the storage with a separate contract. any additional thoughts? thanks.

  • andymitchell replied to the topic Renting to the NAVY in the forum Help Needed! 17 years, 8 months ago

    Thanks Simon – not sure re his posting, will confirm with the agent. Not knowing a lot about the typical movements of a seaman, though I do have a friend who has a friend..and they get shipped off and about all the time, and I guess in todays environment, the chances are high. I’m not sure if the “move” would be e.g a 6 month posting e.g. to the…[Read more]

  • andymitchell replied to the topic Property potential loss of upto 100K! Help in the forum Help Needed! 17 years, 8 months ago

    hi there, I know exactly how you feel, we did the same thing, and the property has dropped upto 20% in value, a real killer blow! We are not alone. We are unsure what option to take, although most opinions point towards the “hold” option, if you can afford to maintain the property. I am confident it will turn around, but in what timeframe? I think…[Read more]

  • andymitchell replied to the topic State Laws & Transfer of Title in the forum Help Needed! 17 years, 9 months ago

    Hi – I know you cannot do this in NSW..tried it myself and confirmed via OSR.

  • andymitchell replied to the topic Fed budget in the forum Finance 17 years, 10 months ago

    Hey Scott – what do you think to my query above?

  • andymitchell replied to the topic Fed budget in the forum Finance 17 years, 10 months ago

    I have just had a depreciation schedule completed, and I put this to the serveyers. They said this would apply, but only to purchases after the date stated in the budget. A little too late for me though…but I have a Q…currently, our unit is a PPOR, and it will be “converted” to an IP in June. Even though the property was built in late 05, does…[Read more]

  • andymitchell replied to the topic Calculating total income in the forum Finance 17 years, 11 months ago

    yep – sorted it…I was calculating the difference from the incorrect taxable income.

    I have amended my calculations and they match the figures produced by my spreadsheet perfectly (well, nearly)

    the only difference is that my SS calculates the refund at 43.5% (i.e including medicare levvy) whilst the other does not…when I take the additional…[Read more]

  • andymitchell replied to the topic Calculating total income in the forum No Subject 17 years, 11 months ago

    you know what?? forget about it…I’ll see an accountant, I’m confusing myself too much!!

  • andymitchell replied to the topic Interest Rate Announcement in the forum Finance 17 years, 11 months ago

    General consensus – is it best to fix now, or remain variable?

    If to fix – 50% or 100% (or other)?

    e.g. if Person A had a 450K mortgage…fix or not….

    Not looking for financial advice, just a query about what people here would do.

    Plus, how long before the banks pass on the rise in their rates? Does this differ for variable and fixed rates?

  • andymitchell replied to the topic 1st IP->1st steps? in the forum Help Needed! 17 years, 11 months ago

    Hi – I have the standard building insurance, which is included in the strata fees – do I need landlords insurance on top of that?

    Derek – thanks for the advice re depreciation etc…I’m sure it makes sense to an accountant..;-) As we have been in the unit for approximately 6 months, do we claim 50% of the year 1 depreciation, even if it is rented…[Read more]

  • andymitchell replied to the topic I’m about to slash my wrists… in the forum No Subject 18 years ago

    Hi Colin – thanks for the kick up the pants…I’ve been taking on board a lot of peoples advice, I have a meeting with my accountant on Thursday to discuss the impact on our cashflow if we rented the unit for 12 months. Our plan is to try to keep the unit, and reassess after a year. I feel the market is about to make a solid movement, one way or…[Read more]

  • andymitchell replied to the topic OK, so we have to rent the unit…best mortgage? in the forum Finance 18 years ago

    yes – thats why I’m probably forced to stick with current lender – my banker said they wouldnt need a new valuation if I changed products…so I may have no choice…though I need to decide which of their products I would choose if I did change. I do think rates are on the up, maybe just 0.5% over the next 18 months, and from the valuation of the…[Read more]

  • andymitchell replied to the topic Do you pay stamp duty on a transfer of ownership? in the forum Help Needed! 18 years ago

    Hi Derek – the OSR said that for the buyout I would propose (we own 250K each, so I would buy about 200K from her?) would be $9000 + $.450 for every $100 on top of that! – so about $18K??!!

    Cant understand that – thats the same duty you would pay on a 500K purchase?!!

    I’m going to call Nick M. (accountant) – see if he has some time to discuss…[Read more]

  • andymitchell replied to the topic Do you pay stamp duty on a transfer of ownership? in the forum Help Needed! 18 years ago

    Bad news – we would have to pay duty on the portion transfered.

    Just confirmed with the OSR, NSW. No such thing as a love and affection exemption between spouses on a PPOR transfer.

    Give me a break! Anyway, thats a big blow to renting out the unit, as the tax breaks would effectively half.

    Back to the drawing board.

  • andymitchell replied to the topic I’m about to slash my wrists… in the forum Help Needed! 18 years ago

    Depreciator – yes, selling would be last resort, as this would wipe us out completely. I’m going to call the agent who sold the properties to find out what they went for, but I need a stiff drink first.

  • andymitchell replied to the topic I’m about to slash my wrists… in the forum Help Needed! 18 years ago

    Hi – well, I feel a little overwhelmed! Thanks for all the feedback, I will get back to each and everyone who has requested details from me, it may take time but I’ll get there (this week is the week from hell at work, and my home PC has gone caput..typical..).

    One note: We did get an independent valuation prior to signing the dotted line…[Read more]

  • andymitchell replied to the topic I’m about to slash my wrists… in the forum Help Needed! 18 years ago

    Guys, it’s great to get this feedback from you all..I was just thinking last night that I am the happiest I have ever been in my life (apart from the unit..). I guess I’m an old fashioned guy who wants to make sure his family want for nothing, are happy and have long term security. I know this is probably nothing like the situation many people are…[Read more]

  • andymitchell replied to the topic I’m about to slash my wrists… in the forum Help Needed! 18 years ago

    Thanks Derek, I will take you up on that – I am trying to work out the total cost of renting i.e. what it will cost per month after all deuctions etc..though I need guidance on depreciation / building allowance / other deductions.

    Hope you dont mind if I call you sometime next week? Cheers.

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