Not yet Colin, I want / need a starting point to learn more about it so I can work out if its going to be worth looking into it further. Thanks for the tip on unit trusts and companies Terryw, I’ll check them out. Yep I know there would be lots of legalities to consider, but where there is a will there is a way ….
Hoping someone might be able to point me in the right direction:
I have a group of woman who are interested in pooling funds to complete a purchase / (reno or development)/ sell project and splitting profits. I am imagining it would be best to do this under a trust structure ? with each person listed as a beneficiary??
If our funds were…[Read more]
Did unit 2 pay a weeks rent in advance ?? The difference is $30 which is about 8.5% of 1 weeks rent. My agent charges 7% of the total rent received by my tennant, so if they are in advance, the management fee changes from fortnight to fortnight
Its not a real scenario, im just trying to get my head around it abit better.
i guess im looking at it from the point of view of whether something like that would be an option in the future. We have limited capital, and I guess the aim of a joint venture would be so it still allows us to invest without having to contribute as…[Read more]
i would think that because losses count as income, you would be required to declare it. To me its kinda the same as making cash on the side and not declaring it. It would make you eligible for a FTB payment that you are not rightfully entitled to. just my 2 cents worth. Interested to hear what centrelink / an accountant would say…
Thanks for the replies guys, So the agent we select can organise the selling contract, but do i need to employ a solicitor or conveyencer ?? to look over it for me first ?? Or can a solicitor help me draw one up ?? Ive organised a couple of agents to come look at the place , so i guess i will go from there! Still got my foot in the door with…[Read more]
I am a renter (by choice) and i am forever grateful that our landlord gave us the chance to keep our chocolate lab when we moved in. She initially had a no pets clause. I wrote a letter stating he was a much loved member of our family, well behaved, regularly walked and an 'outside only dog'. We would have been devastated if she had said no. She…[Read more]
Putting money in offset account would save $3200 per year (.064 x $50,000 = $3200)where $ in saving account would make only $2500 per year (.05 x $50,000 = $2500) but then you would loose a further $750 in tax (assuming 30% tax rate) (.30 x 2500 =$750) only leaving you with $1750.offset account is a much better idea!!
my understanding is any renovations done prior to it becoming an IP counts as capital expenses used in CGT calculations. I too thought it had to be a rental property first before any expenses could be depreciated ? im no expert though so i would be interested in clarification !
thanks Terry. I was hoping you would respond. I know there is a will in place. Im already married, but my brother is not. So transferring assets really just transfers the risk of loss to someone else too. So if the will stipulates it goes to my brother and I and the defacto was to challange, it would go to court,? (length of relationship etc /…[Read more]
Are you sure catalyst ?? We are just about to commence construction on our investment property, and i was under the impression that the interest charged during construction was a tax deductible expense. My accountant never said otherwise when i was asking about my tax variation application for it. Can any accountants clarify please ??!!!!!!!
eilatan28 replied to the topic non-essential maintenance to satisfy tenant worth it? in the forum Help Needed! 9 years, 1 month ago
I'd fix it. The point of having a veradah /pergola, is to have a dry / undercover area. and it doesnt sound like it is that. Plus, its a safety issue. If you lived there, would you put up with it ??
I do not work in the real estate industry, so cant really answer your question, but if i was the landlord i would be pretty annoyed the tennant (your friend) had moved out without giving the proper notice, or organised a flatmate without getting prior approval. But it sounds like you could be a better tennant than your friend was, however that s…[Read more]
thanks angel, yes, very true. i will never know if i dont ask. Im new to this renting thing and just wasnt sure if this was a common practice of tennants ?? i dont want it to come across as being rude, and giving the impression that we think the house needs attention, but at the same time (being a landlord myself) i know repairs / maintence /…[Read more]
thanks cuteyoungchic, We have the money to do the renos outright, so it would free up another $50 /week. We have considered the 'putting in an offer to buy it ourselves' option, but keep coming back to the same conclusion that it just doesnt make financial sense to have a massive morgage that is not tax deductible. $450 a week is heaps cheaper per…[Read more]
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