[crjParticipant@crjJoin Date: 2004Post Count: 618]

May 14, 2021 - 12:52 pm

I think your issue in Australia would be that unlike a sale for unpaid rates, any sale by the sheriff would still be subject to registered mortgages on the title.

[crjParticipant@crjJoin Date: 2004Post Count: 618]

October 10, 2020 - 7:09 pm

Cannot claim as a deduction might be capital works or depreciation. Talk to your accountabt

[crjParticipant@crjJoin Date: 2004Post Count: 618]

June 7, 2018 - 3:21 pm

You don’t need to convince me about the benefits of multiple occupancies on one title. I can buy multiple occupancy in a major regional city on a gross yield of 10.6%, with a net of around 7.5%. Much lower risk. I was just stating what kind of gross return I would want if I were to take on the risk of a small western nsw town dependent on agriculture and irrigated cropping where there is going to be little opportunity for capital gain and where I’m probably going to need to put 40-60% down. I quite like Warren as a town.

[crjParticipant@crjJoin Date: 2004Post Count: 618]

June 6, 2018 - 9:14 pm

Seems a bit overpriced. 3.1% costs = 11,000 approx. If poor rural season and say half vacant the gross rent would be less than $24,000 – take away 11,000 costs, net return 3.8%

Maybe gross return of 15% based on the average annual rental received over the last3 years would be closer. If the properties had been fully let without vacancy this wouldbe closer to $286,000.

[crjParticipant@crjJoin Date: 2004Post Count: 618]

January 9, 2018 - 11:49 am

Suggest you start with a good mortgage broker to see whether this is feasible. Give them as much information as possible.

Think outside the box. May be you might be better to buy and lease out for a year. i understand stamp duty on conveyancing in the ACT is tax deductible on IPs because it is actually transferring the lease.

[crjParticipant@crjJoin Date: 2004Post Count: 618]

October 22, 2017 - 5:17 pm

Complying with fire regs. You will need fire separation between the flats including in the roof space. Suggest you get a competent building certifier to inspect and say what the regs require.

[crjParticipant@crjJoin Date: 2004Post Count: 618]

October 19, 2017 - 1:31 pm

1. Deliberately lying on loan application ie saying there is/will be income (rent) that there won’t be. Obtaining money under false pretences.
2 & 3 No effect from CGT or Land Tax

[crjParticipant@crjJoin Date: 2004Post Count: 618]

October 4, 2017 - 8:27 am

Try and find some people who signed up for the $28k and ask them for their experience. It would be good if you could find some people who have not been recommended by the company.

[crjParticipant@crjJoin Date: 2004Post Count: 618]

October 4, 2017 - 8:22 am

Steve, thank you for taking the time to describe your weekend to us.

May I suggest you do some due diligence first. One of your posts suggested wedon’t ask for advice. You could post on this forum or another forum asking for people to recommend newzealand buying agents, accountants, lawyers etc.

Second, if you are tax resident inAustralia and make capital gains overseas you will be taxedinAustralia. A trust structure might not prevent that. In fact you might have to consider what the tax implications are for an overseastrust controlled by an Australian tax resident.

[crjParticipant@crjJoin Date: 2004Post Count: 618]

September 7, 2017 - 5:53 pm

You have not acquired the original property before 20/09/1985 which is what your link refers to. Do what TerryW says.

[crjParticipant@crjJoin Date: 2004Post Count: 618]

March 29, 2017 - 3:46 pm

You could easily end up $30,000 out of pocket. Why was the land on that side excavated? Was there a pollution issue etc?

[crjParticipant@crjJoin Date: 2004Post Count: 618]

March 28, 2017 - 8:32 pm

If the developer will buy the land back and pay back the settlement fees that sounds like a pretty good deal. This would seem to be a defect in quality rather than in the Vendor’s title and whether you would be successful might be questionable. Your best chance might be if Australian consumer law applies. Also should the Council have consented to the excavation on your site. Bear in mind you will end up out of pocket in a court case anyway as not all your legal costs will be recovered if you are successful.

[crjParticipant@crjJoin Date: 2004Post Count: 618]

March 19, 2017 - 4:48 pm

From memory, the unemployment rate is based on people looking for work, not simply jobs. Jan/Feb would have more people looking for work – finishing uni, school, etc etc. Also from memory ABS doesn’t count you as unemployed if you are working minimum 1 hr per week.

[crjParticipant@crjJoin Date: 2004Post Count: 618]

February 22, 2017 - 9:36 pm

Mining could result in subsidence. You would need to see what effectthst would have on development

[crjParticipant@crjJoin Date: 2004Post Count: 618]

February 9, 2017 - 8:37 pm

You haven’t given any time frames showing when your father needs to settle or what he needs to make it happen. What does he need? Does he need to find say $280,000 plus to get 20% equity in properties 3 and 4.

a. can you or someone else lend it to him;
b. can he onsell any of properties 2, 3 and 4
c. can he sell his house and/or property 1 to come up with what he needs
d. see a good mortgage broker
e. get legal advice whether any of the contracts can be crashed
f. can he negotiate an extension on settlement for Properties 3 and 4
g. has he something else he can sell
h. can he get a TTR pension from his super
i. is he old enough to get a second job, resign from it and trigger a release of superannuation

• This reply was modified 7 years, 2 months ago by  crj.

[crjParticipant@crjJoin Date: 2004Post Count: 618]

February 5, 2017 - 9:31 am

What does your lease say about how the payment for gas by the tenant is calculated

[crjParticipant@crjJoin Date: 2004Post Count: 618]

February 4, 2017 - 8:59 pm

what state check ehether you can pass it on if the flat is not separately metered

[crjParticipant@crjJoin Date: 2004Post Count: 618]

August 14, 2016 - 2:55 pm

DeanCollins wrote:

interesting question…..so is a special levy deductible if the property is rented at the time of payment or when youa re first made aware of it.

the deductibility of a special levy might vary for each owner eg if you had purchased the unit last month it would probably be an initial repair
is this a problem the building had when you purchased even if it wasn’t known
is what the levy is doing a repair or an improvement as defined by the case law

is you moving into the second property something that can be challenged under Part IVA

there is some good information on somersoft of some of these issues

https://www.somersoft.com/threads/special-levy-tax-deductions.106936/#post-1285655

[crjParticipant@crjJoin Date: 2004Post Count: 618]

February 7, 2016 - 7:51 am

If they still have 10 months to go then you are unlikely to be able to increase the rent.

[crjParticipant@crjJoin Date: 2004Post Count: 618]

January 12, 2016 - 10:41 pm

AM2778 wrote:

So I decide to sell the Melbourne Property and nomianate that property as my PPOR. the sale proceeds will be CGT exempt.
What if, after 2 years, I decide to sell my Brisbane Property that I’m currenytly residing in. Will the sale of the Brisbane Property be subject to CGT?
ThanksAM

You couldinthis case add to the cost base of your Brisbane property expenses relating to that property that you have not claimed as deductions eg interest, rates, insurance