PropertyInvesting.com | Dan42 | Activity https://www.propertyinvesting.com/members/dan42/activity/ Activity feed for Dan42. Mon, 13 Apr 2026 10:44:43 +0000 https://buddypress.org/?v=2.8.1 en-US 30 hourly 2 b960f3d259174bb2cb40fcb010c88d64 Dan42 replied to the topic Rent Reduction in the forum Help Needed! https://www.propertyinvesting.com/topic/4409032-rent-reduction/#post-4688763 Tue, 26 Mar 2013 06:08:04 +0000 Normally I'd say stick with the signed lease, but I notice you say the market rent is probably now around $550-$600 a week.

If it were me, I'd offer a reduction of $50 – $75 a week (Still above market) with the tenant signing a 12 month lease from the date of the rent change.

It's not a s much as you were getting , but it's above market, and…[Read more]

]]> 60a910e03e60b666da3829e8ff367e0c Dan42 replied to the topic Capital gains tax and other tax’s payable when we sell the property in the forum Legal & Accounting https://www.propertyinvesting.com/topic/4409021-capital-gains-tax-and-other-taxs-payable-when-we-sell-the-property/#post-4688696 Fri, 22 Mar 2013 05:13:14 +0000 You only pay CGT on sale, so if you kept the townhouses for rent, then you wouldn't pay anything at this stage.

But that's not avoiding the tax, it's only delaying it, unless you never sell.

]]> 100371503711af14921daf28f36cd0d9 Dan42 replied to the topic Property Development using SMSF money in the forum Legal & Accounting https://www.propertyinvesting.com/topic/4408867-property-development-using-smsf-money/#post-4687569 Fri, 01 Mar 2013 00:10:14 +0000 Borrowing in the Unit Trust may be an issue, as it could mean the SMSF investment may breach s71.

Best to see an expert and get this all sorted out before starting. SMSF's ownership of units in a related unit trust were tightened a couple of years ago.

]]> 9bd39bb960420835f9096f80b093c7ae Dan42 replied to the topic CGT issues regarding brand new PPOR in the forum Legal & Accounting https://www.propertyinvesting.com/topic/4408830-cgt-issues-regarding-brand-new-ppor/#post-4687287 Tue, 26 Feb 2013 22:26:48 +0000 Option 1: – Shouldn't have any implications, as boarding is treated differently to renting. You would not be able to claim any expenses related to the boarder.

Option 2: – As discussed above, you would have to move in to be eligible for the main residence exemption. Depending on what it cost you to buy the land and build, and what you can sell it…[Read more]

]]> 7fd8462487b15a0983d2a95d986fe97b Dan42 replied to the topic CGT issues regarding brand new PPOR in the forum omacamo wrote https://www.propertyinvesting.com/topic/4408830-cgt-issues-regarding-brand-new-ppor/#post-4687286 Tue, 26 Feb 2013 22:22:08 +0000 omacamo wrote:

Option 2: I sell the place now before I have lived in it. I have had advice from a professional tax agent saying that the rule for classing a place as your PPOR is that you only have to prove intent of living in this property and if circumstances have changed then the exemption will still be valid even if I have not lived in…[Read more]

]]> 5b76bb866e3c68d8dbd11c4c7d3dfb1f Dan42 replied to the topic Fully Owned Property in SA but not PPOR in the forum General Property https://www.propertyinvesting.com/topic/4408503-fully-owned-property-in-sa-but-not-ppor/#post-4684466 Mon, 18 Feb 2013 23:00:56 +0000 LC888 wrote:
I was thinking of Geelong area (Newcomb) but getting conflicting advice from people around me, hence, now, thinking twice if I should focus on western suburbs around Melbourne (15km from CBD or thereabouts), which is still affordable ($450K) instead of Newcomb ($300K).

What do you think?

I don't know the area all that well, so…[Read more]

]]> 3ebe30a64f1cc3463eaf5e612ee1a26b Dan42 replied to the topic Whose name? in the forum General Property https://www.propertyinvesting.com/topic/4408778-whose-name/#post-4686881 Mon, 18 Feb 2013 05:41:58 +0000 Hi Mat,

Couple of questions – Do you both work? If so, are your income levels similar? Will the property be negatively geared to begin with?

]]> 5c18f82bd0b7b244a4566b6d77b6b571 Dan42 replied to the topic Fully Owned Property in SA but not PPOR in the forum General Property https://www.propertyinvesting.com/topic/4408503-fully-owned-property-in-sa-but-not-ppor/#post-4684462 Mon, 18 Feb 2013 02:21:26 +0000 LC888 wrote:

Shahin, last month, the net operating cost was $505.41. I bought the townhouse in 2007 for $375,000; it was appraised last year by my agent to be priced between $365,000-$385,000. When I applied for a line of credit using the townhouse as a security, it was valued by ANZ at $383,000. Therefore, annual CG is almost…[Read more]

]]> 7080420e1c55bfc40f0194c3dd51969f Dan42 replied to the topic Fully Owned Property in SA but not PPOR in the forum General Property https://www.propertyinvesting.com/topic/4408503-fully-owned-property-in-sa-but-not-ppor/#post-4684461 Mon, 18 Feb 2013 02:16:14 +0000 Agree with Richard. Deliberately looking for a low yielding property just to reduce tax is poor advice, in my opinion.

Re: what should you do – it depends on your goals and priorities. I would look to using the equity in your SA townhouse to help purchase more property. But only if this fits with your long term goals.

Re: tax – Paying tax means…[Read more]

]]> 852b7ecce45f7cd69533c241f32b80be Dan42 replied to the topic Can fixed interest rates go any lower? in the forum Finance https://www.propertyinvesting.com/topic/4408737-can-fixed-interest-rates-go-any-lower/#post-4686570 Thu, 14 Feb 2013 00:10:01 +0000 Hi Jamie,

Just noticed CBA have done the same.

]]> 5b5da264b8c276c5fc30995ac12a0cd3 Dan42 replied to the topic What CGT and GST am I up for when building apartments in the forum Legal & Accounting https://www.propertyinvesting.com/topic/4408745-what-cgt-and-gst-am-i-up-for-when-building-apartments/#post-4686632 Wed, 13 Feb 2013 23:29:07 +0000 If you are building to sell, the profits will most likely be treated as revenue income, rather than capital profits. This means that you won't be eligible for any CGT discounts.

You will need to register for GST. You will be able to claim the GST on your building costs, and will have to pay GST on the sale of the apartments. You may be eligible…[Read more]

]]> 9de6ae719144b2889a277278982ffb65 Dan42 replied to the topic Is this possible? in the forum General Property https://www.propertyinvesting.com/topic/4408703-is-this-possible-7/#post-4686318 Mon, 11 Feb 2013 06:26:21 +0000 Unfortunately not. There are rules relating to related party transactions that would not allow your SMSF to purchase your residential property.

]]> 4ca2c2f91ab7106474e061a19e8d4645 Dan42 replied to the topic Owning Property But Not Living in It in the forum Legal & Accounting https://www.propertyinvesting.com/topic/4408693-owning-property-but-not-living-in-it/#post-4686253 Mon, 11 Feb 2013 06:21:49 +0000 Further to what Terry said, you need to be able to show it was your main residence for a time. Things like getting the electricity and gas connected, changing your mailing address, changing your drivers licence address would be taken into account by the ATO.

]]> 3e0a650e034fa97b29a982dc6dbc0f9a Dan42 replied to the topic Company Tax in the forum Legal & Accounting https://www.propertyinvesting.com/topic/4408619-company-tax-3/#post-4685577 Fri, 01 Feb 2013 04:43:53 +0000 To reiterate what Terry is saying, a trust can distribute profits to the company to recoup losses (assuming you pass the same ownership test) and then can distribute the remainder to individual beneficiaries.

That way you would pay the minimal amount of tax.

Also, just to clarify, the company doesn't get the CGT discount even if it receives the…[Read more]

]]> ded7ac2ec654c71716197dcdadff77a9 Dan42 replied to the topic Accountant Advice in the forum Legal & Accounting https://www.propertyinvesting.com/topic/4408401-accountant-advice/#post-4683577 Mon, 14 Jan 2013 23:15:47 +0000 If you are moving from IP to PPOR, the capital gains tax is calculated on a 'percentage of time' basis. For example, if it was an IP for 1 year, then PPOR fro 4 years, then sold, you would pay CGT on 20% of the gain. (As it was an IP for 1/5th of the time of ownership.)

You only need a valuation if you go from PPOR to IP, not the other way…[Read more]

]]> 29c3b2e5898c327967dbe4382a8f6098 Dan42 replied to the topic Taking photo during the property inspection in the forum General Property https://www.propertyinvesting.com/topic/4408456-taking-photo-during-the-property-inspection/#post-4683974 Mon, 14 Jan 2013 23:08:41 +0000 I'm with Jamie. You are in someone else's private property, so they can make the rules.

]]> 86bc8e6de2a3d08b22db6dc5ce7c5121 Dan42 replied to the topic Basic Accounting system? in the forum It sounds like you are past https://www.propertyinvesting.com/topic/4408300-basic-accounting-system/#post-4682714 Fri, 21 Dec 2012 00:18:36 +0000 It sounds like you are past using a spreadsheet. There are a few 'cashbook' type programs around, like Cashflow Manager, which are easier to use than MYOB or Quickbooks.

Have a look at http://www.cashflow-manager.com.au

]]> eee7473779a24fbc7043230c49cbeb7f Dan42 replied to the topic Minimise CGT on commercial property in the forum Have you used the commercial https://www.propertyinvesting.com/topic/4408307-minimise-cgt-on-commercial-property/#post-4682819 Fri, 21 Dec 2012 00:15:58 +0000 Have you used the commercial property in your own business, or is it a straight rental?

]]> c50c5fcb27ac0fb5173663c5237b0774 Dan42 replied to the topic A word of warning on property in your SMSF in the forum Legal & Accounting https://www.propertyinvesting.com/topic/4408233-a-word-of-warning-on-property-in-your-smsf/#post-4682136 Thu, 06 Dec 2012 22:57:07 +0000 Totally agree with Richard, the advice from real estate agents in particular can be very damaging and costly to the client in the long run.

But the client also has to take some of the responsibility, for relying on the advice of a real estate agent in the first place.

I think as accountants we probably don't do a good enough job of telling…[Read more]

]]> 06ff2aaf9177413f75242f637c09e36f Dan42 replied to the topic Buying a house in a Family Trust in the forum Legal & Accounting https://www.propertyinvesting.com/topic/4406358-buying-a-house-in-a-family-trust/#post-4667842 Mon, 03 Dec 2012 22:18:53 +0000 Hi Jessica,

Agree with Terry, you are getting advice that isn't tailored to your situation.

If the trust distributes profit only to you, then there is no tax saving. You would pay the same tax on trust distributions as you would on profit from rental properties if they were held in your own name.

]]> 7bf0ec87af11272de6439ae626f6392d Dan42 replied to the topic GST quesions related to "reno and sale" strategy in the forum Legal & Accounting https://www.propertyinvesting.com/topic/4407135-gst-quesions-related-to-reno-and-sale-strategy/#post-4673883 Mon, 03 Dec 2012 00:30:17 +0000 If you are doing a cosmetic reno only, then no, you can't claim any GST, and you don't remit any GST on the sale.

If you are doing a substantial reno, you could be creating a 'new' building for GST purposes, and you would have to remit GST on the sale of this building. THis is because it would be deemed a new building under the GST Act. With a…[Read more]

]]> b49a76b79525ae43cbb285bac63d00f6 Dan42 replied to the topic Hiding assets in the forum Legal & Accounting https://www.propertyinvesting.com/topic/4408122-hiding-assets/#post-4681278 Mon, 19 Nov 2012 06:06:13 +0000 There's nowhere you can 'hide' assets.

However, a discretionary trust can provide asset protection. The family courts have in past cases 'looked through' the trust t osee the beneficial owners of the assets, rendering the trust (in that particular case) next to useless.

The best advice I can give is don't get divorced.

]]> 0600c22eb694acbbcde5123f5c838565 Dan42 replied to the topic Trust for income distribution and distribution of current assets in the forum Agree with Scott, if only you https://www.propertyinvesting.com/topic/4407983-trust-for-income-distribution-and-distribution-of-current-assets/#post-4680101 Mon, 29 Oct 2012 00:52:29 +0000 Agree with Scott, if only you had this in place before signing the contracts. Setting up trusts and transferring now means you will incur two sets of stamp duty, per property.

CGT in trusts is determined by the beneficiary. If the benfisiary of the capital gain is a company, then no discount is available. If it is distributed to individuals, then…[Read more]

]]> 46fec71dc3674bcfef5efbfc3807e055 Dan42 replied to the topic SMSF and Investment Property in the forum As Terry stated, they can't https://www.propertyinvesting.com/topic/4407960-smsf-and-investment-property/#post-4679888 Thu, 25 Oct 2012 23:36:48 +0000 As Terry stated, they can't take money out of their superannuation unless they meet a condition of release.

If they created an SMSF, they wouldn't even be allowed to buy the property from the individuals, as this would breach the related party rules.

]]> 41887b719d098eac39eacdad43cbd4af Dan42 replied to the topic * When did you last move house ? * in the forum Forum Frolic https://www.propertyinvesting.com/topic/4407925-when-did-you-last-move-house/#post-4679582 Mon, 22 Oct 2012 00:48:10 +0000 We last moved 15 months ago, to the 'forever' house. Or maybe the 'forever until we retire and move to the beach' house.

I'm ashamed to say we still have books and other bits and pieces in boxes!

]]> e3b2e30de39514ca06ddcd5eb20831a9 Dan42 replied to the topic Units - How do they stack up? in the forum Manos, don't let the comments https://www.propertyinvesting.com/topic/4368323-units-how-do-they-stack-up/#post-4431031 Fri, 28 Sep 2012 02:22:28 +0000 Manos, don't let the comments about Strata holdings put you off. Our first purchase was a small unit in a coastal town, and it is still our best decision. The strata don't bother us, and it is handled professionally and it has never been an issue.

A little later after buying this, we looked at a strata unit in the city, and decided against it,…[Read more]

]]> 8696357452630c195200c2234ff62e8f Dan42 replied to the topic Structure question in the forum Legal & Accounting https://www.propertyinvesting.com/topic/4407728-structure-question-2/#post-4678306 Fri, 28 Sep 2012 02:09:36 +0000 I see you wrote that you don't want to own the units, instead a company would hold them. IN that case, then you won't get any tax deductions. As Terry pointed out, the tax deductibility of interest in a unit trust is because the individual has borrowed to buy units in the unit trust. The unit holder gets to claim the deduction.

Purchasing the…[Read more]

]]> a4ecdd913e19e8a96adbbb65a0468b20 Dan42 replied to the topic Trust tax return in the forum Legal & Accounting https://www.propertyinvesting.com/topic/4407527-trust-tax-return/#post-4676765 Mon, 03 Sep 2012 23:38:48 +0000 Is the trust registered with a tax agent? If not, the date for lodgement could be as early as 31 October.

If you are registered, it could be as late as 15 May. Check with your accountant if you are registered, and he/she will be able to tell you your lodgement date.

]]> ee3cedded9fadb76e07944232a9cad02 Dan42 replied to the topic Chan & Naylor Accountants in the forum Points 3, 4, 5, 7, 8, 9, and https://www.propertyinvesting.com/topic/4389910-chan-naylor-accountants/page/2/#post-4569283 Thu, 30 Aug 2012 06:31:49 +0000 Points 3, 4, 5, 7, 8, 9, and possibly 6 are not unique to this type of arrangement. Item 2 is available in standard unit trusts.

]]> d1d29dbe5db8657bf946351bc75655ed Dan42 replied to the topic Accountant Fees - SMSF, Unit & Discretionary Trusts, Company in the forum Legal & Accounting https://www.propertyinvesting.com/topic/4407469-accountant-fees-smsf-unit-discretionary-trusts-company/#post-4676433 Thu, 30 Aug 2012 04:43:23 +0000 It's always hard to tell, but from the information you have provided, it looks as though you have been overcharged.

The trusts and company could easily be done for half of what you paid, and the SMSF for a third of your bill. It does depend though, as Jac said, on how good your record keeping is.

Where are you and your accountant located?

]]> b3ae67ffbba822eb9834df9babccb93e Dan42 replied to the topic Capital Gains Tax Question in the forum Legal & Accounting https://www.propertyinvesting.com/topic/4407292-capital-gains-tax-question-3/#post-4674933 Tue, 21 Aug 2012 05:36:56 +0000 Hi Silicon,

As you had another PPOR, my first post is correct.

]]> 32a6dd69ebcb9ed8bd4d7ead21f87e4a Dan42 replied to the topic Using a company in the forum Legal & Accounting https://www.propertyinvesting.com/topic/4407310-using-a-company/#post-4675057 Thu, 09 Aug 2012 05:30:19 +0000 Yes, you can, but as Terry points out, you will pay CGT on the sale.

And you can't sell it at a discounted rate, as the CGT will be calculated on the market value at the time of sale.

I agree with Terry, it's not worth it.

]]> 9798caeb7a275c2bf38fc753586673c9 Dan42 replied to the topic Capital Gains Tax Question in the forum Legal & Accounting https://www.propertyinvesting.com/topic/4407292-capital-gains-tax-question-3/#post-4674930 Wed, 08 Aug 2012 05:37:04 +0000 Hi Silicon, Just re-read your post.

If you had another PPOR, you are liable for CGT only for the rented out portion, as I mentioned above.

If you didn't buy another property, this property can still be your PPOR, and no CGT calculations are required.

In this instance, it might be better if it was not your PPOR, as it looks like yo uwill trigger…[Read more]

]]> 06594c2ade5a59782f3297c8dacdac53 Dan42 replied to the topic Joint Tennants Tax Q in the forum Legal & Accounting https://www.propertyinvesting.com/topic/4407293-joint-tennants-tax-q/#post-4674936 Tue, 07 Aug 2012 03:15:47 +0000 As Joint Tenants, everything is split 50/50.

]]> 9ba2aa5cfcc98a2a0b6073db7ad5555b Dan42 replied to the topic Capital Gains Tax Question in the forum Legal & Accounting https://www.propertyinvesting.com/topic/4407292-capital-gains-tax-question-3/#post-4674928 Tue, 07 Aug 2012 01:06:17 +0000 In your situation, the cost base for CGT purposes is actually the value of your property at the time it ceased being your PPOR.

Yes, you should have had a valuation done at the time the property was rented. You would need to speak to a valuer / real estate agent to see if they can do a retrospective valuation for you.

If the valuation is higher…[Read more]

]]> df6e36db2ec519f4db811af81df62388 Dan42 replied to the topic Claiming purchase expenses for last FY for a property settling this FY in the forum Legal & Accounting https://www.propertyinvesting.com/topic/4407127-claiming-purchase-expenses-for-last-fy-for-a-property-settling-this-fy/#post-4673813 Mon, 16 Jul 2012 05:56:16 +0000 An initial; building / pest inspection is actually a cost of buying the property, and is not tax deductible. Instead, it forms part of the cost base for CGT purposes. You could claim the depreciuation schedule cost

]]> 998e6d5c812add5d307732a399630dc8 Dan42 replied to the topic 6 year rule and CGT - vacant property enough? in the forum Help Needed! https://www.propertyinvesting.com/topic/4407027-6-year-rule-and-cgt-vacant-property-enough/page/2/#post-4673006 Fri, 13 Jul 2012 07:21:21 +0000 Here's the relevent legislation; s118-145 ITAA 1997 (2) If you use the part of the dwelling that was your main residence for the * purpose of producing assessable income, the maximum period that you can treat it as your main residence under this section while you use it for that purpose is 6 years. You are entitled to another maximum period…[Read more]

]]> 869d8bfb9551d163774cf4d84c888fb9 Dan42 replied to the topic pension and assets...have I done the wrong thing? in the forum Help Needed! https://www.propertyinvesting.com/topic/4407068-pension-and-assets-have-i-done-the-wrong-thing/#post-4673325 Tue, 10 Jul 2012 03:18:15 +0000 Were you living in the unit before you bought the country house? I was told that by using the equity to buy house I would still be able to keep the pension.Was it someone at Centrelink who told you that? That doesn't sound right to me, as what matters to Centrelink is the ASSETS, not how they were financed. Changing the loans, from my knowledge,…[Read more]

]]> a340e7ceced2ddcc2a0ca8e62c731f54 Dan42 replied to the topic 6 year rule and CGT - vacant property enough? in the forum Help Needed! https://www.propertyinvesting.com/topic/4407027-6-year-rule-and-cgt-vacant-property-enough/#post-4672995 Mon, 09 Jul 2012 04:39:11 +0000 learning curve2 wrote:
Thanks TerryI was just after clarification on the CGT aspect. Great news to hear that I can leave the property vacant and not have to move back in myself after the current tenants leave and still bequalify for the exemption when I eventually sell it.Thanks again for the advice

Sorry to burst the bubble but that's not…[Read more]

]]> 89bc00bccd99f973768674e5028e9fdd Dan42 replied to the topic 6 year rule and CGT - vacant property enough? in the forum Help Needed! https://www.propertyinvesting.com/topic/4407027-6-year-rule-and-cgt-vacant-property-enough/#post-4672991 Thu, 05 Jul 2012 04:26:54 +0000 learning curve2 wrote:
To leave it untenanted for less than the 3mths. For example, tenants out by early January, leave it vacant for say a month and then start to re-advertise for new tenants, so all up it is left vacant for say 6 weeks (saying that it would take 2 weeks to find new tenants). Would that be seen as being a sufficient amount of…[Read more]

]]> 3df0a11b39fb6a78384e7d3f4194551a Dan42 replied to the topic CGT in the forum Help Needed! https://www.propertyinvesting.com/topic/4406725-cgt-22/#post-4670965 Thu, 31 May 2012 04:16:57 +0000 cabramatt wrote:
Hi All,Sorry if these are dumb questions…I dont know where to find the answer so I am starting a new thread. I have 2 questions to ask about CGT:Situation 1: My partner has Property A (a PPOR).  Another property (property B) was bought in August 2011 and settled in September 2011. We wanted to buy property B in order to knock d…[Read more]

]]> 7a30cab0724abb029a9a0c4d3f5b6b3f Dan42 replied to the topic Tax break with redraw on new property? in the forum Legal & Accounting https://www.propertyinvesting.com/topic/4406668-tax-break-with-redraw-on-new-property/#post-4670522 Thu, 24 May 2012 23:24:51 +0000 AC78 wrote:
Spoke to accountant today who reassured me that if we redraw on our current PPOR loan to pay deposit for an investment property, the interest is still deductible as it is an expense incurred in gaining income. If we were to redraw on PPOR and then rent it out it would not be tax deductible but as loan for new property it is. What i…[Read more]

]]> 32aabc685b310da4021f5cd890006c2e Dan42 replied to the topic Borrow from LOC for IP repairs and other costs? in the forum Legal & Accounting https://www.propertyinvesting.com/topic/4406617-borrow-from-loc-for-ip-repairs-and-other-costs/#post-4670003 Wed, 23 May 2012 01:47:36 +0000 Quote:
But now question is with borrowing to pay for interest? What are the acceptable reasons for ATO to believe that it is not a scheme but a genuine management of cash flow depending upon individual situation.

Th ATO are cracking down on this. If the rent from your IP is going to pay other non-deductible debt, then you may have an issue.…[Read more]

]]> d3c70fb12944cc831642aa4242e01da7 Dan42 replied to the topic Borrow from LOC for IP repairs and other costs? in the forum Legal & Accounting https://www.propertyinvesting.com/topic/4406617-borrow-from-loc-for-ip-repairs-and-other-costs/#post-4669998 Tue, 22 May 2012 02:08:48 +0000 Agree with Terry. The expense is deductible because it's a deduction incurred in gaining income. The interest in this situation would generally be deductible.One issue i have is that you talked about your rent going into a PPOR offset?"ATO should not see it as a way of increasing tax deductible borrowing and paying full rent into PPOR."But they…[Read more]

]]> a5883e663c4c3f428ed2f316371c8d49 Dan42 replied to the topic Tax and Depreciation Question in the forum Help Needed! https://www.propertyinvesting.com/topic/4406638-tax-and-depreciation-question/#post-4670161 Tue, 22 May 2012 01:57:23 +0000 I am looking at having a security screen door installed in one of my IPs, it does not currently have one, and for security reasons the tenant wants one in the house, is this considered a capital expense as it is an improvement, or as it is required for safety/security, is it depreciable?Generally, this would be able to be depreciated, as an…[Read more]

]]> c8c987debf5c7bd1da7009dcfd713978 Dan42 replied to the topic Purchase costs on small factory/warehouse +gst question in the forum Commercial Property https://www.propertyinvesting.com/topic/4406346-purchase-costs-on-small-factorywarehouse-gst-question/#post-4667697 Thu, 19 Apr 2012 04:17:24 +0000 Solomon10 wrote:
Hi all, been looking at a few commercial properties for sale,small factories warehouses etc. What i would like to know is, with an advertised price of 300k plus gst,this would be 30k payable on settlement, would the purchaser also have to pay stamp duty like a residential property? Also how is gst paid if the purchaser doesn't…[Read more]

]]> 7eeffa56736da073bc112dbb9972550a Dan42 replied to the topic when do i have to pay tax if i sell my IP before 30.June in the forum Legal & Accounting https://www.propertyinvesting.com/topic/4406359-when-do-i-have-to-pay-tax-if-i-sell-my-ip-before-30-june/#post-4667846 Thu, 19 Apr 2012 00:03:44 +0000 Capital gains tax is based on the contract date, so if you sign the contract pre- June 30, the income is declared in the 2011/12 financial year.The tax return must be lodged by October 31st (if you do it yourself) or as late as May 15 2013, if you are registered with a tax agent.You then usually get 21 days from the date of lodgement to pay the…[Read more]

]]> 546316b8164b8ecd20dcacdafcb7082b Dan42 replied to the topic Recommendations of mortgage brokers in adelaide in the forum Help Needed! https://www.propertyinvesting.com/topic/4406347-recommendations-of-mortgage-brokers-in-adelaide/#post-4667705 Wed, 18 Apr 2012 23:58:57 +0000 I can recommend Jon Ward of Aussie Mortgage Brokers, based in Pirie Street. He worked really hard for us when we bought our new house last year.

]]> 8ba32c42a7f0b02627c9dd0175e7e462 Dan42 replied to the topic contract of sale this financial year but settlement next financial - can you claim deductions now and depreciation schedule when in the forum Legal & Accounting https://www.propertyinvesting.com/topic/4406282-contract-of-sale-this-financial-year-but-settlement-next-financial-can-you-claim-deductions-now-and-depreciation-schedule-when/#post-4667147 Wed, 11 Apr 2012 04:09:28 +0000 jadamo76 wrote:
Is it worthwhile getting a depreciation schedule done up before settlement?  Or wait till after settlement?  I would not have a problem getting a surveyor access to the property. I am thinking with very little deductions this financial year might be worth getting a couple of costs through this financial year.

If you can get a…[Read more]

]]> e56794efa89b139abd6c537746219b33 Dan42 replied to the topic contract of sale this financial year but settlement next financial - can you claim deductions now and depreciation schedule when in the forum Legal & Accounting https://www.propertyinvesting.com/topic/4406282-contract-of-sale-this-financial-year-but-settlement-next-financial-can-you-claim-deductions-now-and-depreciation-schedule-when/#post-4667145 Wed, 11 Apr 2012 03:20:32 +0000 CGT acquisition date is the contract date, so 1st April. Interest on the deposit is claimable when the interest is paid, so you may have one month's deduction this financial year. Borrowing expenses on the main loan won't be charged until the loan is drawn, at settlement, so claimable from settlement date. "My thinking is that if it is considered…[Read more]

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