PropertyInvesting.com | Ashley C | Activity https://www.propertyinvesting.com/members/ashley-c/activity/ Activity feed for Ashley C. Sun, 12 Apr 2026 22:24:50 +0000 https://buddypress.org/?v=2.8.1 en-US 30 hourly 2 7dbc8a541b8a60ceed4fc21ef45c7a03 Ashley C replied to the topic Should I set up a family trust in the forum Legal & Accounting https://www.propertyinvesting.com/topic/4404597-should-i-set-up-a-family-trust/#post-4654937 Tue, 13 Sep 2011 21:55:11 +0000 Hi Henry, be very careful of that sort of strategy.  The ATO certainly does not like this sort of thing and have even published a "taxpayer alert" on one such scheme.http://law.ato.gov.au/atolaw/view.htm?docid=TPA/TA20011/NAT/ATO/00001The other factor to consider is that if using a trust to purchase a ppor then the CGT main residence exemption is…[Read more]

]]> d5e8f69fc2b2ee5e9aaf7700e0dcef36 Ashley C replied to the topic Can I claim back the GST when I build or buy a new investment property in the forum Legal & Accounting https://www.propertyinvesting.com/topic/4404672-can-i-claim-back-the-gst-when-i-build-or-buy-a-new-investment-property/#post-4655519 Mon, 12 Sep 2011 08:02:47 +0000 Cheers Scott.

By charge I meant that gst would apply to sale. Should choose my words more carefully!

]]> b72077224a34168c4520f8a04c354f49 Ashley C replied to the topic Can I claim back the GST when I build or buy a new investment property in the forum Legal & Accounting https://www.propertyinvesting.com/topic/4404672-can-i-claim-back-the-gst-when-i-build-or-buy-a-new-investment-property/#post-4655517 Mon, 12 Sep 2011 06:36:32 +0000 Hi Paul,If you are selling under 5 years you can claim some GST.  The amount may/will need to apportion this if the properties have been rented.You will also need to charge GST and will need to work out if you can and should use the margin scheme.This is complex stuff – talk to your accountant!If you try and navigate your way through this on yo…[Read more]

]]> 363486ac6e94c14772544ecd4fd1faab Ashley C replied to the topic Can I claim back the GST when I build or buy a new investment property in the forum Legal & Accounting https://www.propertyinvesting.com/topic/4404672-can-i-claim-back-the-gst-when-i-build-or-buy-a-new-investment-property/#post-4655514 Mon, 12 Sep 2011 03:35:44 +0000 GST on property in a nutshell……..GST on the purchase and/or build can only be claimed where the property is to be used in the making of a "taxable supply".  This is the sale of the property subject to GST within 5 years.  After a property has been rented for 5 years it ceases to be "new residential premises" and the sale becomes an "input t…[Read more]

]]> 8e6ec03aa67874352dc9d79b55814379 Ashley C replied to the topic Advice and answers needed for a couple looking to invest in property =) in the forum Help Needed! https://www.propertyinvesting.com/topic/4404671-advice-and-answers-needed-for-a-couple-looking-to-invest-in-property/#post-4655493 Fri, 09 Sep 2011 23:18:24 +0000 Is the home loan more of a risk?

You can’t ignore the fact that you are paying rent and building someone elses asset in the process.

It is also problematic to do a simple cash flow analysis/comparison when the home investment is substantially more than the IP.

You need to run the numbers and take the full position into account incl cap growth,…[Read more]

]]> 97063810fb704b99c684015e4199eb90 Ashley C replied to the topic Advice and answers needed for a couple looking to invest in property =) in the forum Help Needed! https://www.propertyinvesting.com/topic/4404671-advice-and-answers-needed-for-a-couple-looking-to-invest-in-property/#post-4655491 Fri, 09 Sep 2011 21:22:47 +0000 Whatever you do, don’t buy a property in a company as suggested. The CGT consequences would be a disaster.

You really do need to do the numbers and factor in the tax impact. The tax benefits of a negatively geared IP can be good but if still paying rent then you have to look at your total income and asset position.

I would be surprised if this…[Read more]

]]> d34dd0ca820e1ec4a21b2b11b717245f Ashley C replied to the topic Advice and answers needed for a couple looking to invest in property =) in the forum Help Needed! https://www.propertyinvesting.com/topic/4404671-advice-and-answers-needed-for-a-couple-looking-to-invest-in-property/#post-4655488 Fri, 09 Sep 2011 13:27:15 +0000 My view is that rather than paying rent, you would be better off paying off a home loan. You can then borrow against the equity in your home to assist in purchasing investment properties.

This of course does depend on how the numbers stack up and you should look at this. How does your rent compare to likely home loan payments? What would your…[Read more]

]]> 4fc379cb10a5f2d4d498a7b0de0d7bee Ashley C replied to the topic Signs of market recovering Perth? in the forum General Property https://www.propertyinvesting.com/topic/4404665-signs-of-market-recovering-perth/#post-4655450 Fri, 09 Sep 2011 12:55:41 +0000 My 2 cents – I think it’s dangerous to place too much emphasis on sound bites that try to sum up the current market in a single sentence.

Different types of properties in different locations will perform differently. Ie affordable inner city low rise seems to be performing ok whereas outer suburban houses seem to be performing less well.

The…[Read more]

]]> 7ecb40b6a827a935e74a67311133a4b0 Ashley C replied to the topic Should I set up a family trust in the forum Legal & Accounting https://www.propertyinvesting.com/topic/4404597-should-i-set-up-a-family-trust/#post-4654933 Fri, 09 Sep 2011 03:58:01 +0000 Hi,Negatively geared IPs work best when held by a high income earner.  Using a trust presents a problem for this.As noted above, a trust will not assist in a divorce.  Also, if you are tipping money into the trust to cover the purchase deposit, etc and ongoing expenses, a loan will build up and this will be an asset of yours.  As such, asset pr…[Read more]

]]> 6a84e3f56830aaa71cf39efd6ce7983e Ashley C replied to the topic Help on "Release of the Deposit" in the forum Legal & Accounting https://www.propertyinvesting.com/topic/4404501-help-on-release-of-the-deposit/#post-4654184 Mon, 22 Aug 2011 03:25:33 +0000 In Victoria release of deposits is covered by Section 27 of the Sale of Land Act.  I suggest that you have a read of this (or the equivalent in the state you are purchasing) and then talk to your Lawyer about the clause.http://www.austlii.edu.au/au/legis/vic/consol_act/sola1962100/s27.html

]]> 45f11487d0db6f242966de89ce418bcb Ashley C replied to the topic Building an investment property in the forum Help Needed! https://www.propertyinvesting.com/topic/4404476-building-an-investment-property-2/#post-4654051 Thu, 18 Aug 2011 22:04:39 +0000 Hi,The test for deductibility of interest is the use to which the borrowed funds are put.  If put towards the acquisition of an IP that will generate taxable rent then the interest will be deductible.Watch for a change in intention as noted above.  Eg. if there is a change of intention to sell on completion rather than rent the status of the i…[Read more]

]]> 16140f91d2687ee5bc6b6ee6c37662b3 Ashley C replied to the topic Submitting offers through a family trust with corporate trustee - pointers and suggestions in the forum Help Needed! https://www.propertyinvesting.com/topic/4404469-submitting-offers-through-a-family-trust-with-corporate-trustee-pointers-and-suggestions/#post-4654020 Thu, 18 Aug 2011 21:52:51 +0000 Hi,Shouldn't be too different.  A couple of tips – firstly, if you are signing a contract think about signing and/or nominee.  This will give you the option to use the trust or not.Also, for your record keeping you should have a resolution from the corporate trustee that the purchase is made in it's capacity of trustee for the trust. 

]]> ba57dc04880915caab20d23f884fc4c9 Ashley C replied to the topic areas to buy in melbourne in the forum Help Needed! https://www.propertyinvesting.com/topic/4404402-areas-to-buy-in-melbourne/#post-4653495 Thu, 18 Aug 2011 21:46:32 +0000 Hi Dellas,We can all proffer our opinions but at the end of the day we are not the one's stumping up our hard earned.I never recommend investing on a tips.  In making successful investments there is really no substitute for doing your homework.I suggest you seek professional advice or get busy reviewing available data such as: http://services.land.…[Read more]

]]> f9e7756f2c2b95f0770dc54b8ad50091 Ashley C replied to the topic Tax Return Fees in the forum Legal & Accounting https://www.propertyinvesting.com/topic/4404367-tax-return-fees/#post-4653300 Thu, 18 Aug 2011 21:41:15 +0000 Are ITRs a comodotised product?  Perhaps they are perceived as such by some.  However, as a professional I know that a lot of operators produce them very cheaply and make alot of mistakes in the process.  Although people don't like doing their tax and having to pay for the priveledge the pain that arises out of an ATO audit where you have pr…[Read more]

]]> cee5bf29fe64b6f56dd3de4336af9e8c Ashley C replied to the topic Am i liable for Capital Gains Tax? in the forum Legal & Accounting https://www.propertyinvesting.com/topic/4404406-am-i-liable-for-capital-gains-tax/#post-4653533 Thu, 11 Aug 2011 21:11:45 +0000 Hi,There are technical issues at play here that need resolving.  You really need an answer to the question of when you "acquire an ownership interest in a dwelling".  We have suggested that this is at the time construction is completed but you really can not take that as gospel – it needs to be confirmed.My advice – see your accountant.  If you…[Read more]

]]> 0bb5cdb8b37fd1cbe66b7d08a5f23011 Ashley C replied to the topic Building Costs for Development Project in the forum Value Adding https://www.propertyinvesting.com/topic/4404192-building-costs-for-development-project/#post-4651585 Tue, 09 Aug 2011 21:58:08 +0000 Hi,I understand that $1,100m2 to $1,400m2 could give you a good approximation of costs.  However, this is pretty rough and ready and would not include landscaping and other costs.There is really no substitute for a quote from a builder.Modular housing seems to be gaining wider acceptance and could be worth investigating as a means of improving…[Read more]

]]> f9591229fccfada52ca127af02b83ef9 Ashley C replied to the topic Planning to buy a a new building in the forum Commercial Property https://www.propertyinvesting.com/topic/4404324-planning-to-buy-a-a-new-building/#post-4653014 Tue, 09 Aug 2011 21:45:56 +0000 Hi,If the property is used in a business it may qualify for the small business Capital Gains Tax exemptions.It's a good idea to put the property in a seperate trust, however, I recommend due diligence to confirm that can qualify for the exemption (if applicable).

]]> 790b78fba47dbbc055f6ea803c0c3327 Ashley C replied to the topic Am i liable for Capital Gains Tax? in the forum Legal & Accounting https://www.propertyinvesting.com/topic/4404406-am-i-liable-for-capital-gains-tax/#post-4653527 Tue, 09 Aug 2011 05:18:53 +0000 Further consideration of the meaning of "acquire an ownership interest in a dwelling" may be required regarding the application of the overlap provisions.It sounds like the construction of the dwelling on the 2nd property has recently been completed and this may satisfy the defenition.

]]> 96e63a3447fcf1040e5038bb2c56d02b Ashley C replied to the topic Section 32 - minimum time to make avail prior auction? in the forum General Property https://www.propertyinvesting.com/topic/4404409-section-32-minimum-time-to-make-avail-prior-auction/#post-4653583 Tue, 09 Aug 2011 04:53:45 +0000 This has got me interested………I found the following in the Victorian Sale of Land Act.http://www.austlii.edu.au/au/legis/vic/consol_act/sola1962100/s32.htmlIt seems to just state that the Section 32 statement must be provided before the purchaser signs the contract.  This being the case, to provide the Section 32 on auction day does not…[Read more]

]]> 38b0e5a2f42692307a7c120eec9956b6 Ashley C replied to the topic Section 32 - minimum time to make avail prior auction? in the forum General Property https://www.propertyinvesting.com/topic/4404409-section-32-minimum-time-to-make-avail-prior-auction/#post-4653581 Tue, 09 Aug 2011 04:03:34 +0000 Hi,My understanding is that the Section 32 just needs to be available prior to the commencement of the auction.  The most likely explanations are:-  The vendor hasn't managed to get the contracts and section 32 completed by their lawyer yet; or-  The agent thinks that withholding the section 32 is good strategy.I suggest that you talk to the ag…[Read more]

]]> ce63eb94f827880594480e9fe3dbb344 Ashley C replied to the topic Am i liable for Capital Gains Tax? in the forum Legal & Accounting https://www.propertyinvesting.com/topic/4404406-am-i-liable-for-capital-gains-tax/#post-4653525 Mon, 08 Aug 2011 22:03:50 +0000 Hi, The original post seems to say that the land on which the 2nd property has been constructed has been held since 1994 and there is overlap with the original main residence which has been held since 1992.The legislation is very clear that the main residence exemption can only be applied to one property at a time and that there is only a small…[Read more]

]]> 7ffc4d5ee28bc2545fbe3021cca504c7 Ashley C replied to the topic areas to buy in melbourne in the forum Help Needed! https://www.propertyinvesting.com/topic/4404402-areas-to-buy-in-melbourne/#post-4653491 Mon, 08 Aug 2011 21:56:58 +0000 Hi Dellas,You might want to have a look at the NAB residential property survey.  They seem to be saying that demand for inner city low rise apartments and townhouses is s…[Read more]

]]> 82aa11c2a8a5ea911c1f689980ef6c0e Ashley C replied to the topic Am i liable for Capital Gains Tax? in the forum Legal & Accounting https://www.propertyinvesting.com/topic/4404406-am-i-liable-for-capital-gains-tax/#post-4653523 Mon, 08 Aug 2011 21:49:11 +0000 Hi,There is no time limit for living in a property to be able to claim the main residence exemption.  You just need to be able to demonstrate that it was your main residence.  There will be an issue for claiming the full main residence exemption on the 2nd property as you can only have 1 at a time.  When you sell it you will need to do an ap…[Read more]

]]> cdb6bcd63201c38b663de531c88f0d8b Ashley C replied to the topic Negative gearing loan in the forum Legal & Accounting https://www.propertyinvesting.com/topic/4404354-negative-gearing-loan/#post-4653225 Tue, 02 Aug 2011 23:09:00 +0000 The ATO are currently attacking scenarios where people are seeking to claim deductions for money borrowed to pay interest on investment loans.Need to be careful on this…[Read more]

]]> 148b5e79451a03218a64daff2d2ce5d6 Ashley C replied to the topic Negative gearing loan in the forum Legal & Accounting https://www.propertyinvesting.com/topic/4404354-negative-gearing-loan/#post-4653219 Tue, 02 Aug 2011 22:07:13 +0000 Let's get back to fundamentals.  To determine the deductibility of interest we must look at the use to which the loaned funds were put.In the case of a re-draw, this is technically a new borrowing.  This borrowing is not put towards the acquisition of an asset that will produce assessable income.  Ie using it to pay the monthly repayment is not th…[Read more]

]]> 8fed0c54011d61d89ea1e02b599d9d33 Ashley C replied to the topic ATO Audit in the forum Help Needed! https://www.propertyinvesting.com/topic/4404329-ato-audit/#post-4653048 Mon, 01 Aug 2011 04:30:44 +0000 Thanks Steve,The concept of a reasonably arguable position still exists.  It comes up when the treatment of an item is in dispute.  If a taxpayer can demonstrate a reasonably arguable position they will not be penalised if the ATO finds against them.  Notwithstanding, they will still have additional tax to pay and interest thereon.Lack of ade…[Read more]

]]> a1f9febeb3424a5b2aa17b9d5dc48b3c Ashley C replied to the topic ATO Audit in the forum Help Needed! https://www.propertyinvesting.com/topic/4404329-ato-audit/#post-4653045 Fri, 29 Jul 2011 03:47:50 +0000 No way!  A good compliance history may help you plead your case but it will not stop them going through you like a dose of the salts.The consequences of having poor records can be catastrophic.  Maintaining your records is a dull but essential job.

]]> c3dfdb3662ce13e6d06571bc05da9397 Ashley C replied to the topic DIY change from joint to common in the forum Hi, Please get tax advice.  https://www.propertyinvesting.com/topic/4404320-diy-change-from-joint-to-common/#post-4652985 Thu, 28 Jul 2011 23:13:48 +0000 Hi,Please get tax advice.  My intial thoughts are that you would have a Capital Gains Tax issue here as a result of both the change in ownership proportions and the change from joint tenants to tenants in common.  Stamp duty issues may be able to be dealt with under an exemption for transfers between spouses.  I would strongly recommend that you…[Read more]

]]> 31a22372310c9400a9a101e7e253ea17 Ashley C replied to the topic QS report from developer? in the forum Legal & Accounting https://www.propertyinvesting.com/topic/4404318-qs-report-from-developer/#post-4652972 Thu, 28 Jul 2011 03:53:38 +0000 Hi,Theoretically the vendor of a property is required to provide a statement containing the information necessary for you to work out your capital works deductions.  There is no requirement re depreciable items.It doesn't hurt to ask them for a report as suggested above.  If they are not forthcoming then best get your own QS depreciation re…[Read more]

]]> 257d6adeec6437dc8a3a6aa56eb4821f Ashley C replied to the topic Getting a second depreciation report done after x amount of years in the forum Legal & Accounting https://www.propertyinvesting.com/topic/4404008-getting-a-second-depreciation-report-done-after-x-amount-of-years/#post-4650306 Wed, 27 Jul 2011 21:45:26 +0000 Hi,From a tax perspective depreciation and capital works deductions are based on cost.  A QS report is simply a means of determining what cost is when a property is acquired and details are not available for depreciable items and capital works.As such, it would not be possible to re-assess the cost of existing items with a new QS report.  F…[Read more]

]]> 028ee6cd30af1ce0492d99800ddb49ed Ashley C replied to the topic Depreciation and Capital works Deduction on new property in the forum Legal & Accounting https://www.propertyinvesting.com/topic/4404304-depreciation-and-capital-works-deduction-on-new-property/#post-4652832 Tue, 26 Jul 2011 22:03:54 +0000 Hi,Am I correct in understanding that this property is pre exisiting – ie you did not build it?  If this is the case then I note the following.Depreciation and capital works deductions are based on the cost of the items.  Depreciable assets are based on the price that you have paid for them.  Capital works are based on the original construction co…[Read more]

]]> ecbaab2ca45976af553e747e55580f12 Ashley C replied to the topic Interest Deductions and Part IVA in the forum Legal & Accounting https://www.propertyinvesting.com/topic/4404246-interest-deductions-and-part-iva/#post-4651929 Tue, 26 Jul 2011 04:00:07 +0000 This style of arrangement seems to be modeled on the split loan facilities that were the subject of Hart's case back in 2004.  In this context, it's not surprising that the ATO have taken this view.The focus of the draft ruling is really the use of a line of credit to effectively capitalise interest.  It seems that if you take this out of the equa…[Read more]

]]> 16745aebaeb2a9f5f3a577bacba4f0ff Ashley C replied to the topic Double stamp duty - nominee (VIC) in the forum Legal & Accounting https://www.propertyinvesting.com/topic/4404152-double-stamp-duty-nominee-vic/#post-4651340 Mon, 25 Jul 2011 04:00:20 +0000 Hi,Refer to http://www.sro.vic.gov.au/sro/SROnav.nsf/childdocs/-98E8944DC5A0C753CA2575D100047764-696A6B5AE91CEBBDCA2575D10004A84D-0A7301F952940470CA2575D1002B2D16/$file/publication-D2-05.pdfIf there is no additional consideration then should not be double duty.It's quite common to purchase with a and/or nominee clause and then complete the…[Read more]

]]> 8f705899228fecb443032e1629f7ff5d Ashley C replied to the topic Looking for Tax Accountant in Brisbane in the forum Legal & Accounting https://www.propertyinvesting.com/topic/4404209-looking-for-tax-accountant-in-brisbane/#post-4651707 Mon, 25 Jul 2011 03:48:33 +0000 Hi Namz,I can recommend SRJ http://www.ascenta.com.au/default.asp?PageID=86Ashley

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