Terryw wrote:

No. These are essentially worthless.

OSR may also insist on a valuation for stamp duty purposes.

Not to mention that an agents valuation can often be optimistic and more than a real valuation, they may quote at 10-20k above what a real value is, meaning you pay more CGT..

Most first homeowners who buy a cheapie, are often paying the same price for a suburb close to a CBD, that they would pay for an outer suburb property. You look at all the new developments around Brisbane, (Northlakes, Burpengary, Springfield Lakes, Ormeau – not really Brisbane but a lot of Brisbane workers commute from here, even Ipswich) You can…[Read more]

I cannot say for certain, but I would guess that the value after you moved out is the portion that would go toward CGT, check with an accountant or wait for a response from someone who knows for certain.

Remember to add other items to reduce the CG, a good tax accountant when it comes time to pay your dues will be important, costs such as capital…[Read more]

I had an aircon install in my IP in Sydney in Jan 2010, and I don't see how costs would have gone up too much.

I bought the air con myself from Bing Lee for about $900-$1000 on sale it was a Kelvinator 6.5kw I believe, (not inverter – inverter units are more expensive save electricity in how they operate, I didn't care much as i wasn't paying the…[Read more]

Sounds like the previous owner knew this was coming, he probably already had offers, and just sold it to get his money rather than taking the councils pathetic hand outs. It sad that they can just "acquire it" at what they think it is worth, especially in a down market. SEQ markets have fall dismally over the last couple of years, and its funny at…[Read more]

I have just enlisted "Depreciator" to create my 3rd depreciation schedule for me, they do a fine job as far as I am concerned, some people may think they are expensive, but I have seen cheaper reports, and some of them are just down right useless. I know how to read the ones Depreciator give me so I stick with them. They have a sample report…[Read more]

Just curious, but would the forum allow for members to name and shame… as well as list those that are good companies so that other people may be able to be better informed on this.A sticky forum with a first post that someone can edit with names of good and bad companies, maybe even with an average score out of ten that is the average of what…[Read more]

I have just enlisted "Depreciator" to create my 3rd depreciation schedule for me, they do a fine job as far as I am concerned, some people may think they are expensive, but I have seen cheaper reports, and some of them are just down right useless. I know how to read the ones Depreciator give me so I stick with them.They usually get the schedules…[Read more]

Thank you Melanie for your insight into this, as I had not been able to find anything like that previously. It was one of the reasons I was hesitant about NRAS as my wife will most likely not be working for some time in the near future when we start having children. Knowing this is great as it can help me make a more informed decision, and I can…[Read more]

Thank you for your response, this is great news… I can now tell my PM to go ahead with the door knowing I can claim it all back in a month :p

I did state in my first post the majority was a tax offset, and that is all I was trying to point out, I did not intend to be rude so I apologise if it came across that way, it just that the distinction between cash and tax offset is often misunderstood with NRAS. This can be quite significant to individual financial situations, and I just want to…[Read more]

I just want to point out one thing before you go ahead with anything… an obvious statement but I will clarify why I say it.CHECK THE CONTRACT!!!For one, you want to protect yourself and make sure the developer isn't going to sue you if you back out of it.Also, check if there is anything in the contract about finance, some contracts may allow you…[Read more]

wendywoo wrote:
The amount of cash incentive NRAS gives is currently around $9800, not $7486.

Not to be rude wendywoo but this is incorrect and was the exact thing I was trying to point out to would be investors, as a statement like that can cause people great financial hardship.The $7486 is correct and is a federal government Tax offset NOT a…[Read more]

Ok,I have been doing some digging and have found this on the ATO website:http://www.ato.gov.au/individuals/content.aspx?menuid=0&doc=/content/00270218.htm&page=10I just want to confirm that I am interpreting it correctly… the part under the heading "Cost is $300 or less".The IP is owned 50/50 by my wife and I, does this mean that if the item…[Read more]

All I can say is, make sure you pay enough tax to offset the NRAS tax offset you get.The way I understand it (and someone please correct me if I am wrong) the majority of the money (currently $7,486) is a tax offset, which means you only get it back if you pay tax, and if you are already claiming enough back on tax you may not get the full…[Read more]

I have to agree… you get what you pay for, when leasing a property people too often go for the PM that is offering 0.5 to 1% less commission… at the end of the day 1% commission on $1000 is $10… a small amount extra to pay per month for peace of mind.I believe the best agent is the one with the best communication, they constantly let you…[Read more]

Kristin Simondson PBRE wrote:
Maree,The tenant would then have to pay an excess and their premiums would be likely to go up.

This is incorrect, an insurance company will not raise a premium, nor do you have to pay an excess if you are not at fault, as long as the responsible party is identified (in this case the owner). The premium may change…[Read more]

I am still safely within the thresholds for now, and knowing that I can purchase in other states with a new threshold is an advantage.Am I correct in reading that the threshold for NSW and QLD are 387k and 600k ( http://www.osr.nsw.gov.au/taxes/land , http://www.osr.qld.gov.au/land-tax/about-land-tax/land-tax-rates.shtml ) or am I reading it…[Read more]

Thanks swampy,I found the land tax website through google, I do check there first before wasting time writing on a forum as if what I am looking for comes up easily it saves me time posting, however that doesn't really clarify my question 2 and 3.Q2. I was asking if I had 200k of property in 5 states, assuming that the threshold is more than 200k…[Read more]

One other thing to remember is that whilst damage caused by a leaking tap is the responsibility of the owner, if it is determined that the extent of the damage was due to a long term leak and not something over night, again this is the tenants fault for not reporting it.If it were their house, they would have it fixed straight away, so why not…[Read more]