Forum Replies Created
- _joyce wrote:Hi, I am new here. I am thinking to lease out my property, to be managed by real estate agent. But I do not wish to declare it as my investment property. The income received does not go to me, it goes to my brother who is not working. Therefore, I am not receiving any income to be taxed upon. Is this legal?
No tax l expert myself but don't see how you could claim it on tax as an investment but give away the proceeds received from it to your brother without declaring it on your tax income . Unless your brother was a ATO recognized charitable institution which would allow you to claim it under tax deductions for donations to charitable institutions because the property is in your name you have to pay tax on any profits received from it, , whether you claim the expenses or not.
Perhaps you could look at employing your brother as your personal property manager and have him charge you fees equal to the rent you receive for the place ?
ummester wrote:And lose 50 odd K in fees and stuff for the transaction in 10 years time?
A lot of fees for today's median priced home.
I only pay around 2% in agent fees which would put your place in the $2.5M range. That's some capital gain you expect over the next 10 years unmester, and you said you weren't bullish….. ummester wrote:I took some of your advice, though. I decided not to buy in ACT. Will build my FHSA all the way up to 80 odd k (combined with Mrs ummester) and buy at a place we want to retire to when my LSL is due. Then, after living there for 6mths, I will put it up as a rental and use the tax savings to pay down the loan 10 years faster. Best of all worlds and should give me the option to leave work in 15 odd years. Good enough for me.Only wished you listened to reason 2+ years ago and did something like that in Sydney or Melbourne over 2 years ago so you'd be up 100k+ in CG, a couple of fat tax returns and the rental income covering the mortgage repayments by now. Still you know what they say, ' you live and you learn' and 'better late then never'.
Quote:Now, I just have to find the right coastal town, with a heap for sale, that isn't going to grow too much over the next 20 odd years.Only problem with that is the nice coastal towns will be overcrowded coastal towns in 20 years time and meanwhile the rental returns won't be as good as something in the major capital cities. Wouldn't the better strategy be buying a lower priced place on a larger block closer to the CBD that gave you a better rental return and then selling it to buy a place in a coastal town that will still be the "right coastal town" in 20 years time when you actually want to retire ? By then you may change your mind and want acreage in the hills instead of a beach house in some overcrowded town.
Quote:Of course. I've never denied that property is a good long term investment just that it hasn't been the right time to buy since I've been looking. End of 2008 was – when I was last making serious offers. But then the gubberment went and overstimulated the thing and now its heading for serious problems.Australia is not one uniform property market, there is always the right time to buy property somewhere.
eloi wrote:Quote:http://au.news.yahoo.com/thewest/a/-/mp/7946270/finding-space-for-556-000-perth-residents/Finding space for 556,000 Perth residents
MARISSA LAGUE, The West Australian September 15, 2010, 6:55 amIf forecasts are right, Perth will be home to 556,000 more people in the next 20 years and finding space for an extra 328,000 homes has put the spotlight on urban infill housing targets for the metropolitan area.
thats just hilarious. This is classic propaganda and your using it as an example of an undersupply. Look at the rpdata for perth and u will see an oversupply of housing, prices dropping and rent vacancies increasing …
Not sure where I used it as an example of undersupply but I'm glad you found it hilarious and "classic propaganda". If anything I believe that based on the previous 20 years growth of around 50% increase the numbers forecasted are on the low side.
I looked at the home page of rpdata and it shows Perth median at 465k and overall growth of 5.7% for the year. Have you got any links to where I can "see an oversupply of housing, prices dropping and rent vacancies increasing" ? I did find the suburbs growth here http://reiwa.com.au/res/res-pricegrowth-display.cfm and there are a few suburbs which fell but the majority of them were up.Quote:…but yet u go with a yahoo article design to fool the blindThere is no fooling you mate.
Just in case /thewest/ in the yahoo link wasn't enough of a clue and readers couldn't be bothered to click on the link to see the full article I left the source of the article as well but it was obviously too small for you. This time I enlarged it and changed the colour to green to make sure even the blind can see it.Oh, and just in case you have not heard of this source previously I've pasted the wiki description for you.
Quote:The West Australian
From Wikipedia, the free encyclopediaThe West Australian
Front page of The West Australian
12 December 2005Type Daily newspaper Format Tabloid Owner West Australian Newspapers Limited Editor Brett McCarthy Founded 5 January 1833 Headquarters 50 Hasler Road,
Osborne Park, WA, AustraliaCirculation 195,033 Daily
342,787 Saturday [1]ISSN 0312-6323 Official website http://www.thewest.com.au The West Australian (often simply called The West) is the only locally-edited daily newspaper published in Perth, Western Australia,
eloi wrote:Here is an interesting article i just read which coincides with what ive been saying for a few years.But you've only joined here a few weeks ago, can you give us the previous user name you used here so we see what you have been saying for the last few years ? Ta.
As far as the over or under supply goes there is a simple indicator to tell us what is going on and that is property prices.Does this chart screams oversupply to you ?
ummester wrote:As in 'we would love to pass on the cuts' suckers… but we won't.Anyway, this whole debating tiny changes one way or another is fruitless and becoming boring. I believe that over the next 2 years the price of property will drop by around 30% across the board. You don't. Only way we are going to be sure who is wrong and who is right is to check back in 2010. If the forums still running then, we'll compare notes..
Hello old friend,
Your 2 years are up and the forum is still running but your 30 % went in the other direction. Want to make play double or nothing, say 2 more years and 60% falls ?ummester wrote:The world should be fine. I have deciphered the real meaning of the 2012 mystery – it's about the Australian property market:P
Better rush and get some then, before they are all gone.
Or did you mean that 2012 is the year you finally give up the wait for lower prices and buy ?
wealth4life.com wrote:Wait till the end of August when we see the effects of the mortgage resets to comment further here.
You're still hoping the mortgage resets will cause a property crash ? That's so 2007.
sonyasal wrote:NFBP.You neglect to realise that most peopl do not pay $500k for a $500k property. They only pay a ten or twenty % deposit. So your figures of losing $107K on a $500k property is inherently flawed.
As is the assumption that rents will stay flat for the next 5-10 years. That 5% yield will soon turn into a 10% +ve geared property and any capital gains the icing on the cake.
