This is a dilemma Catalyst. This situation could be seen from either side: Replacing “like for like” (lawn for lawn) or seen as Repair – because as I stated before lawn is damaged and basically doesn’t exist any more and affects its rental potential (got few comments from potential tenants about the state of lawn)
I would like to know if I lay new Lawn at one of my IP – can I claim it back during tax return?
Old lawn was destroyed buy previous tenants and zero care after they left – so it is just patches of weeds everywhere.( I can get evidence like photos and letters from RE agent and company who can lay new turf)
Will it classify as repair in…[Read more]
DEVILZ replied to the topic MACKAY: General thoughts and experiences on as an area to invest in property in the forum General Property 7 years, 8 months ago
I am new to Mackay as well. 3 months here and looking for PPOR. I can tell prices went down for sure compare to what I saw before New Year.but Jotham is right it is not very stable atm due to mining industry… the house that I like to buy was $550K in October but only $485K now…
all comments make sense
but what if in the future I decide to sell one IP which has a lot of equity? in this case if I increase LVR to max and transfer equity to another IP I will save on CGT. Is it right ?
and another point why I want to do this: That IP is in mining town so it can drop value at some stage (maybe not) so I rather get…[Read more]
I know it is bad ( I made enough mistakes to understand that) that's why I am here to learn basics and fix it.
My loans are separate but with one bank and cross-collateralised.
Correct me if I am wrong: if you are with one bank and your loans are x-coll BANK see them as one big loan. (like in my case: IP #1 is around $320K and debt is $170K so…[Read more]
thanks Terry I got concept now
Unfortunately so many people do this mistake – it;s not funny! Even accountants can't get it right !
I asked my accountant can I put money back and this is her reply : "Yes, that will be okay. No problem with apportionment if it was only a couple of weeks."
DEVILZ replied to the topic Your current exit strategy for mining towns? Specifically Moranbah, BlackwTer, Dysart in the forum Help Needed! 8 years ago
lol and he has crystal ball aswell
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