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Viewing 20 posts - 381 through 400 (of 619 total)
  • Profile photo of crjcrj
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    @crj
    Join Date: 2004
    Post Count: 618

    Overr the time frame you've refinanced the $70K you will pay almost $100K in interest.  In the first few years you're hardly repaying any principal and no doubt the items you've purchased will need to be replaced at some time while you're still paying them off.

    On your income you have the potential to save substantially and make extra payments off the debt.

     

    Profile photo of crjcrj
    Participant
    @crj
    Join Date: 2004
    Post Count: 618

    I went RateBreaker on our PPOR purchase last year.  There are initial costs of $760 and a deferred administration fee if you pay off the loan in the first 4 years.  Not quite as flexible as some other loans eg must make monthly payments (suited me I get paid monthly).  I was very happy with the service and efficiency.  Compared to what I could get elsewhere we're in front if we keep the mortgage for 2 years.

    Profile photo of crjcrj
    Participant
    @crj
    Join Date: 2004
    Post Count: 618

    Type in dream in the search box

    Profile photo of crjcrj
    Participant
    @crj
    Join Date: 2004
    Post Count: 618

    If it is not strata title you do not need "body corporate" insurance.  You simply insure the building, your contents eg airconditioners etc and for public liability.  Try AMP or CGU.  If it is a remote town try Elders

    Profile photo of crjcrj
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    @crj
    Join Date: 2004
    Post Count: 618

    Shouldn't your asking price reflect values ie why sell at a 7% gross yield if the market is 5%.  No point leaving too much money on the table. 

    Profile photo of crjcrj
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    @crj
    Join Date: 2004
    Post Count: 618

    Choice magazine did a story last year I think with recommendations on brands.

    Profile photo of crjcrj
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    @crj
    Join Date: 2004
    Post Count: 618

    If it was your PPOR from when you bought until you started renting it, you might qualify for the PPOR exemption.  Talk to your accountant

    Profile photo of crjcrj
    Participant
    @crj
    Join Date: 2004
    Post Count: 618

    If you want to be able to change the recipients or the percentages of the income they receive easily a trust is the way

    Profile photo of crjcrj
    Participant
    @crj
    Join Date: 2004
    Post Count: 618

    From the ATO:

    MAIN RESIDENCE
    Generally, if you are an individual – not a company or trust – you can ignore a capital gain or capital loss from a CGT event that happens to your ownership interest in a dwelling that is your main residence (also referred to as ‘your home’).
    To get full exemption from CGT:
    â–  the dwelling must have been your home for the whole period you owned it
    â–  you must not have used the dwelling to produce assessable income, and
    â–  any land on which the dwelling is situated must be 2 hectares or less.

    Profile photo of crjcrj
    Participant
    @crj
    Join Date: 2004
    Post Count: 618

    Simplest delay is to enter contract on 1 July, that way any CGT won’t be payable until after that financial year’s tax return is lodged. Might be able depending on when you have to lodge return to get 20 plus months before you pay

    Profile photo of crjcrj
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    @crj
    Join Date: 2004
    Post Count: 618

    As your father’s ownership of part of the property passed to your mother after CGT that aprt could be subject to CGT subject to the PPOR exemptions.

    However, it does appear from what you have written that the PPOR exemption would apply

    Profile photo of crjcrj
    Participant
    @crj
    Join Date: 2004
    Post Count: 618

    Taxpayer alerts appear to have been introduced in 2001 because of issues with taxpayers investing in various schemes after the ATO had concerns. An extract:

    “The third measure has been to introduce a Taxpayer Alert
    system in 2001 that warns taxpayers about significant new tax planning issues and
    arrangements that are of concern to the Tax Office.”

    Certainly you are taking a prudent action in seeking professional advice

    Profile photo of crjcrj
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    @crj
    Join Date: 2004
    Post Count: 618

    It seems the only reason you would do this is if there are taxation advantages. In that case Pt IV A Income Tax Assessment Act might apply.

    There is a Taxpayer Alert in relation to remote housing for this kind of arrangement

    http://law.ato.gov.au/atolaw/view.htm?docid=TPA/TA20029/NAT/ATO/00001

    Profile photo of crjcrj
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    @crj
    Join Date: 2004
    Post Count: 618

    Why not? You know the area well. That surely gives you a good idea of values and disadvantages/advantages of specific streets etc

    Profile photo of crjcrj
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    @crj
    Join Date: 2004
    Post Count: 618

    Complain to the Department of Fair Trading or equivalent in your State.

    Profile photo of crjcrj
    Participant
    @crj
    Join Date: 2004
    Post Count: 618

    Call me crazy, but somehow I don’t think agents estimates are necesarily a true reflection. If you’ve done research, inspected other properties in the area, you will probably have a good idea of values. If the value is less than $290 then only bid up to the value. If you think the value is more bid more up to the value of the property or your limit whichever is the lower.

    Good luck

    Profile photo of crjcrj
    Participant
    @crj
    Join Date: 2004
    Post Count: 618

    Call me crazy, but somehow I don’t think agents estimates are necesarily a true reflection. If you’ve done research, inspected other properties in the area, you will probably have a good idea of values. If the value is less than $290 then only bid up to the value. If you think the value is more bid more up to the value of the property or your limit whichever is the lower.

    Good luck

    Profile photo of crjcrj
    Participant
    @crj
    Join Date: 2004
    Post Count: 618

    Whether it’s worth salary sacrificing depends on the Fringe Benefits Tax status of your employer. You can do essentially the same job for 3 different employers:

    eg health promotion charity – basically package $15K (gross up to $30K) no FBT
    public hospital – concession on FBT rate
    private hospital – no FBT concessions

    Otherwise it depends on what the benefit is eg laptop computer can be exempt no matter who your employer is

    Profile photo of crjcrj
    Participant
    @crj
    Join Date: 2004
    Post Count: 618

    As well as adding up your Capital Gains, consider what effect the profit will have on your Family Tax Benefit.

    Profile photo of crjcrj
    Participant
    @crj
    Join Date: 2004
    Post Count: 618

    How much land has the exploration permit been issued over?

    When was the permit issued? Has any exploration been carried out?

    What are the relevant laws about what can be done by the permit holder if you build etc or if they change to a mining permit?

    You need answers to questions like these before you make up your mind either to proceed or not to proceed

Viewing 20 posts - 381 through 400 (of 619 total)