Forum Replies Created
- Qlds007 wrote:
Band R
Dont want to appear negative but i think your figures are a little out there.
Firstly the Stamp Duty on the property when you purchased it would have been around $8000. If you financed the deal you could have added another $3000. If the property only had a BA then the title, surveying and Dept of Nat Resources fees let alone the Council Contributions would have come to around another $10-12K Min.
Interest assuming that you financed 80% only would have given you interest of around $20,000.
Now based on the fact that you didnt sell them yourself REIQ on $399,000 & $395,000 is around $11K each.
Margin GST on the sale would have come in at circa $10,000.And then Tax on the profit at even 30% (assuming you didnt do the project in a SMSF).
Might want to revisit those figures again.
Hi Qlds007,
Your right i did forget to add that the $95,000 was pre-tax, i sold them privately too.
But the rest of my figures are right.Bought a duplex block with B.A approval for $299,000 on the Goldcoast in July, found a local builder who built the duplex for $350,000.holding cost plus other bits an piece came to just under $50,000 Just sold bought of them and got $399,000 and $395,000. so made $95,000 for just under 5months investment
Clones I wouldn't be wiping off all the mines just yet, yes the price of commodities have dropped, but the cost to mining companies to run there mines have also drop as they get paid in USD for there product and they pay there contractors and employees in AUD and the AUD has drop by 40% the last couple of months.
China and India are still in need of our commodities and will be for years to come and with other countries been hit a lot hard than Australia, there mines are more likely to close before ours, therefore causing shorter supply of commodities, so the price will rise back up.
