Since 2001 | Total Members: 161,592

duckster

  • duckster replied to the topic Mistakes in the forum General Property 19 years, 8 months ago

    My mistake was going to University and thinking I could get a job in what I studied in. I am now a House Dad and can’t afford to buy or hold my negative geared property which I sold. So at the moment I am building up my cash reserves through careful stock market investing and I am waiting for the kids to go to school in 3 years time and then I…[Read more]

  • duckster replied to the topic CGT on Negative Geared Property in the forum No Subject 19 years, 8 months ago

    Indexation can be used but depending on when you purchased the property it may not be worth indexing. Since 1999 the CPi indexation figure has remained at 123.4 for any year after 1999 so any property purchased after 1999 will have an index factor of 123.4 / 123.4 which equals one. The indexation is done on the cost base I would suggest…[Read more]

  • duckster replied to the topic CGT on Negative Geared Property in the forum No Subject 19 years, 8 months ago

    CGT has a component called cost base. the building writeoff is taken off your cost base. Capital gain = Sale proceeds minus Cost base
    Then CGT = 50% x Capital gain
    There is a date involved when building write off is added to the cost base I can’t remember the exact date it is approx 1998
    Also any deductions used against rental income cannot be…[Read more]

  • duckster replied to the topic real estate agents games in the forum General Property 19 years, 8 months ago

    check out http://www.jenman.com.au/ for real estate games.

  • duckster replied to the topic Negative gearing – losing attractiveness? in the forum General Property 19 years, 8 months ago

    Negative gearing has some more sinister tax affects in that when your income is used to calculate medicare , family payments, ect your negative loss is added back to calculate your income. I had a negative geared property but I sold it as I couldn’t afford the loss. Another area for using negative gearing is when you own another property that is…[Read more]

  • duckster replied to the topic Primary Residence and CGT in the forum No Subject 19 years, 9 months ago

    there is an article about this in may australian property investor

  • duckster replied to the topic 1st home in the forum Help Needed! 19 years, 9 months ago

    Depending on your risk tolerance if you pay more off your home loan you can then cross colaterialise your next loan. What does this mean ?
    Instead of trying to save another deposit you use the equity (after getting a valuation) in your home as the deposit in the next investment property.
    The risk is if you can’t pay the first or second loan you…[Read more]

  • duckster replied to the topic Refinancing.Scared Witless in the forum Finance 19 years, 9 months ago

    it would be worth investigating low doc home loans that require less formalities for a home loan.

  • duckster replied to the topic Dealing with Negative People in the forum Help Needed! 19 years, 9 months ago

    I just remembered a funny situation Nov 1998
    I was so excited about the original Telstra float that I asked the Service station operator if he was going to purchase Telstra shares in the float.
    He answered with no it is too risky.
    That particular float opened at $3.30 Nov 1998 and went to a high of over $9.15 in Feb 1999 that is a profit of 172%…[Read more]

  • duckster replied to the topic Dealing with Negative People in the forum Help Needed! 19 years, 9 months ago

    No one ever gets financial freedom from being negative
    However you will be considered as “Lucky” when you reach financial freedom rather than as someone who worked hard and did something to create wealth.
    The problem is that Wealth building takes time and a long term planning outlook.
    . I am always amazed at how people can owe $20,000 to $30,000…[Read more]

  • duckster replied to the topic Low Doc/Self Certification Loans in the forum Help Needed! 19 years, 9 months ago

    Look at Australian Property investor magazine April issue
    Article on low doc loans
    and an actual comparison of all loans
    see http://www.apimagazine.com.au/
    Haven’t had the experience of low doc loan but I am in a similair situation of no income / no wage job

  • duckster replied to the topic i just bought my first home and plan to rent it in the forum Help Needed! 19 years, 9 months ago

    Furthermore
    You cannot claim the renovation as a repair as you are improving the property to a state that is better than when you purchased the property.
    As an improvement you can claim future depreciation
    The tax department is very aware of landlords making the mistake of claiming renovations on new purchases as repairs in the first year of…[Read more]

  • duckster replied to the topic i just bought my first home and plan to rent it in the forum Help Needed! 19 years, 9 months ago

    I have done a bit more research . You need to have the original receipts for the furniture. Next go to http://law.ato.gov.au/atolaw/view.htm?DocID=TXR%2FTR200018C7%2FNAT%2FATO%2F00008
    To find out the effective life of your assets.
    use diminishing value depreciation this is calculated by dividing 150 by the number of years of life. This gives you a…[Read more]

  • duckster replied to the topic Buying a property I can’t inspect myself! in the forum Help Needed! 19 years, 9 months ago

    You might be able to use a buyers avocate to check out the property on your behalf and buy it on your behalf.

  • duckster replied to the topic i just bought my first home and plan to rent it in the forum Help Needed! 19 years, 10 months ago

    Use a quantity surveyor to advise on depreciation on furniture.
    If you plan to rent out the property as fully furnished with this furniture you would be able to claim depreciation however determining the value of the furniture at the time you decide to rent it out will be the problem.
    Most likely the quanity surveyor will want to know how long you…[Read more]

  • duckster replied to the topic Parents own too much land for pension in the forum Help Needed! 19 years, 10 months ago

    Look into the pension effects of them becoming a primary producer .
    With 4 acres they could put some cows on the land and may become deemed primary producers which might help their problem.
    Check this possible angle out out with an accountant.

  • duckster replied to the topic Reno option querie in the forum Help Needed! 19 years, 10 months ago

    If you know how long the property reno will take advertise it as available after the date that the reno will definitely be finished.
    Why? -you have the property available for rent and on the rental market , also you will reduce the down time on your rental income as you will immediately have a tentant ready to move in when the reno is finished.
    I…[Read more]

  • duckster replied to the topic to buy family home or investment property in the forum Help Needed! 19 years, 10 months ago

    If you own the home you cannot claim any repairs, insurance, council rates,interest on your loan as tax deductible expense. Plus side- no capital gains tax is incurred on primary residence when you sell it some time in the future.

  • duckster replied to the topic Painter required in Melbourne in the forum Help Needed! 19 years, 10 months ago

    Idea – Sometimes the local paper for the Northcote Area is a good place to start looking for a painter rather than the Yellow Pages.
    Anyone who can afford to advertise in the Yellow pages is fully booked with work usually and may not be interested. I have used a firm in the past called the Grey Army . They have since grown into a massive francised…[Read more]

  • duckster replied to the topic Negative Gearing in the forum Help Needed! 19 years, 10 months ago

    Negative gearing is you making a loss in the hope that you will make a capital gain later on. Why I say loss is for example say you have to fund a loss of $10,000 a year you will get back approx $4700 on the highest tax bracket. So you lose $5300 to get $4700 as a tax refund. Which was lost in the original $10000 loss. If you want to reduce your…[Read more]

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