Total Members: 158,724

Kennyjaiz

  • Kennyjaiz replied to the topic Free Recent Sale and Rent Information for any suburb in the forum General Property 14 years, 1 month ago

    You can try:

    http://www.onthehouse.com.au/
    http://www.realestate.com.au/sold
    http://www.domain.com.au/?mode=sold
    http://www.domain.com.au/Investors

    Obviously paid data will give you more comprehensive information.

    Best of luck
    Kenny

  • Kennyjaiz replied to the topic Looking for a mentor!!! in the forum Value Adding 14 years, 2 months ago

    Don’t think it matters what you choose to do. There’s certainly no right way or a wrong way of doing it.
    As long as the spending is justified with a great ROI, then it’s money well spent.
    I tend to look at the results, not the means.

  • Kennyjaiz replied to the topic Turning my family home into an investment property in the forum benno79 wrote:Kennyjaiz 14 years, 2 months ago

    benno79 wrote:

    Kennyjaiz wrote:
    The "love and affection transfer" portion is really to minimise the Stamp Duty payable, when changing the title deed. If the point of the exercise is to maximise the tax deductibility in the future, then it will depend on the partner/wife's ability to get a loan to refinance the property. Since we are talking…[Read more]

  • Kennyjaiz replied to the topic Turning my family home into an investment property in the forum Legal & Accounting 14 years, 2 months ago

    The “love and affection transfer” portion is really to minimise the Stamp Duty payable, when changing the title deed.
    If the point of the exercise is to maximise the tax deductibility in the future, then it will depend on the partner/wife’s ability to get a loan to refinance the property. Since we are talking about disposing a PPOR with CGT…[Read more]

  • Kennyjaiz replied to the topic CGT on PPOR in the forum Legal & Accounting 14 years, 2 months ago

    Ah Gotcha. I agree :)

    Great info btw. Thanks.

  • Kennyjaiz replied to the topic Have Equity, Limited Cash, No Income in the forum sotiris wrote:Hi All
    I am a
    14 years, 2 months ago

    sotiris wrote:
    Hi AllI am a new member and seeking some advice if I may and thank you in anticipation for any repies.I recently went into a business venture, primarily for my daughters, which went bad and I lost a considerable amount of money. In doing so, I tendered my resignation to the company I worked for as a well paid consultant and am cu…[Read more]

  • Kennyjaiz replied to the topic CGT on PPOR in the forum Legal & Accounting 14 years, 2 months ago

    Sorry Mr5o1,

    Slight clarification.
    Disposal of any CGT assets, is considered a CGT event.
    However, despite the CGT event, main residences are exempted from Capital Gains Tax.

    I’m a bit confused re your comment about moving out of a main residence to renovate…
    What do you mean?
    Do you have any literature on this?

    Thanks
    Kenny

  • Kennyjaiz replied to the topic Profits eaten by tax? in the forum Legal & Accounting 14 years, 9 months ago

    MsTrump,

    I don’t think I will need to get into any technical info of tax as other people on the forum has done a fantastic job. I understand you are frustrated by the fact that your potential profit maybe reduced by tax implications. However, there is no need to convince you that people are happy to pay taxes – it is a necessarily evil and an…[Read more]

  • Kennyjaiz replied to the topic CGT Tax and PPOR in the forum Legal & Accounting 14 years, 9 months ago

    thematrix,

    The 6 year rule is also known as the Absence Rule under ITAA s118-145.
    If an individual is absent from their main residence they can still treat it as their main residence where:
    1, it is used for an income producing purpose – up to 6 years; and
    2, it is not used for that purpose – indefinitely.

    If you are not absent from the property…[Read more]

  • Kennyjaiz replied to the topic CGT Tax and PPOR in the forum Legal & Accounting 14 years, 9 months ago

    thematrix,

    Agree with crj.

    If you subdivide part off to sell, you may find this helpful:
    http://www.ato.gov.au/individuals/content.asp?doc=/content/36907.htm

    Cheers,
    Kenny

  • Kennyjaiz replied to the topic The other side in the forum Help Needed! 14 years, 9 months ago

    Adski,

    With situations like that, it is important to do your research, and document all the communication with your landlord. As you have already done.
    Also, it may be beneficial to document all the improvements you have done to the property.
    You will probably find the authorities (Fair Trading and Consumers affair Vic) sympathetic towards your…[Read more]

  • Kennyjaiz replied to the topic refianance loan in the forum Help Needed! 14 years, 9 months ago

    Pranay,

    If you choose to split the loan into two, the investment portion can include any purchasing cost incurred to acquire the income-generating IP. Typical purchasing cost includes borrowing costs (LMI, loan application fee, establishment fee, stamp duty on mortgage etc), conveyancing costs, stamp duty on the property transfer, etc. In this…[Read more]

  • Kennyjaiz replied to the topic Property Prices by Suburb – Online Data??? in the forum Help Needed! 14 years, 9 months ago

    Hi Matt,

    This site gives you up to 36 months:
    http://www.investsmart.com.au/property/default.asp?s_cid=domain
    It’s just the “Invest” tab on the domain.com.au site.

    I find there’s a time lag of the data presented on this site though, so be aware when using this site.

    Cheers,
    Kenny

  • Kennyjaiz replied to the topic Refinancing investment property in the forum Help Needed! 14 years, 9 months ago

    Sandtrackers,

    Before you go through the potentially costly engagement with a REA, you can probably try and gauge the market demand by speaking to Real estate agents as a buyer. (obviously if you say you are a seller, they will hype it up for you). As well as other investors. Just to get a sense of the market direction.

    You can also check recent…[Read more]

  • Kennyjaiz replied to the topic Refinancing investment property in the forum Help Needed! 14 years, 9 months ago

    Hi Sandtracks,

    I agree with S/C.

    But to answer your questions:
    1, Yes. As property price goes up, you would have built up equity in you home. You can ask your existing bank for an additional loan or go to another bank for a refinance. (There will be costs involved of course) They will do a revaluation of the property to determine how much the…[Read more]

  • Kennyjaiz replied to the topic refianance loan in the forum Help Needed! 14 years, 9 months ago

    No prob S/C! I am glad it worked out for you!

    To be honest, I just copied and pasted our old post :)

  • Kennyjaiz replied to the topic refianance loan in the forum Hi Pranay,
    You may find the
    14 years, 9 months ago

    Hi Pranay,

    You may find the following link useful:
    Income tax: deductibility of interest on moneys drawn down under line of credit facilities and redraw facilities
    http://law.ato.gov.au/atolaw/view.htm?locid='TXR/TR20002/NAT/ATO'&PiT=99991231235958

    Essentially, you have a mixed purpose redraw facility (private portion and investment portion).…[Read more]

  • Kennyjaiz replied to the topic Clarifying ideas on property investment in the forum Help Needed! 14 years, 9 months ago

    Hi xya,

    I agree with Richard and Terry. (and I have rarely seen them offering anything but useful contributions)

    While awsydney’s comments may work on an individual basis, it may not work for everyone.
    Accountants are typically not authorised to offer any financial planning advice unless they are registered and comply with RG146. This will apply…[Read more]

  • Kennyjaiz replied to the topic Desperately need to lower our tax!! in the forum Help Needed! 14 years, 9 months ago

    Hartfam,

    Steve’s strategy is primarily +ve cash flow based, which may not be what you are after, if your objective is tax minimisation.
    However Steve can give you insights and idea that will be beneficial regardless of your strategy.

    your financial planner should be able to come up with a plan that suits your personal circumstance.
    Besides…[Read more]

  • Kennyjaiz replied to the topic Property price/value during depression in the forum General Property 14 years, 9 months ago

    Hi will,

    I think a lot of the bears in the property market have something to be concerned about. There is a high level of national debt in Australian and housing affordibility is sliding with artificially inflated price by government grants, which brought forward a lot of first home buyer’s decision to get into the market. Their research are…[Read more]

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Kennyjaiz

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