[KuRCe.Member@kurce.Join Date: 2003Post Count: 8]

August 14, 2003 - 5:47 pm

I was of the understanding that land tax is only calculated on the unimproved value of land. ie if you simply own a block of land with no dwelling. Thus this would not apply to an investment property.

Land tax is calculated on a calendar year based on all land owned as of midnight dec 31st and asesments are issued between March and May each year.

There is also a zero tax rate threshold of $150k in Victoria. I believe NSW is around the 260k mark.

Cheers.

[KuRCe.Member@kurce.Join Date: 2003Post Count: 8]

August 13, 2003 - 6:09 pm

Congrats to your mate on purchasing his first property.

Lets all remember this guy has just purchased his first home. I’m sure you all remember how excited you were when you purchased yours and how keen you were to get in there as quick as you could, he hasn’t purchased it for someone else to reside in. It’s just unfortunate that that other person is a 94 year old lady.

You stated that at settlement a new lease was drawn up to expire in August. This should have been explained to her or those acting on her behalf prior to the sale. Don’t think for a moment that you are to blame for the position she is in as you are not.

As far as those ripping into lynnems mate for trying to scam the government, give it a rest. His intention was always to move into the property when the lease expired which he clearly stated so why should he give the money back, he is entitled to it.

I believe a nursing home would be the best solution. I find it distressing that her relative is not concenrned about her welfare. Sticky situation you have yourself here. Oh and don’t worry about the media (they will work to your advantage), at least they will find another place for her if they become involved.

Consult your solicitor or agent as I’m sure you will, just to asses alternative viable accomodation solutions in vacating her form YOUR first home at your earliest convenience.

Cheers.

[KuRCe.Member@kurce.Join Date: 2003Post Count: 8]

August 6, 2003 - 5:43 pm

Hey all,

Here’s a couple of links to tha ATO being tax time I found them appropriate.

Rental Properties 2003

http://www.ato.gov.au/individuals/content.asp?doc=/content/31610.htm

Rental Property Expenses

http://www.ato.gov.au/individuals/content.asp?doc=/content/31258.htm&pc=001/002/013/003&mnu=923&mfp=001/002&st=&cy=1

Capital Gains Tax

http://www.ato.gov.au/individuals/content.asp?doc=/content/8572.htm

Cheers.

[KuRCe.Member@kurce.Join Date: 2003Post Count: 8]

August 6, 2003 - 5:35 pm

nice one westan, I managed to double my post count tonight.[]

Cheers.

[KuRCe.Member@kurce.Join Date: 2003Post Count: 8]

August 6, 2003 - 5:33 pm

Hey there,

261k you guys have it easy.

In Victoria fom 1st Jan 2003 the land tax zero-rate threshold was raised from 125k to 150k. yipee..

Only taxpayers who own land with a total unimproved value of 150k or more are required to pay land tax.

Cheers.

[KuRCe.Member@kurce.Join Date: 2003Post Count: 8]

August 6, 2003 - 5:25 pm

Hwy sebastian,

Firstly having the property valued will not reveal the construction costs of the property unless by some chance the vendor has kept all records from there purchase and is willing to allow you to view these documents. A quantity surveyor will be required to calculate construction costs which if built say 10 years ago would be substantially lower than construction costs at todays prices.

Basically the property component (building) can be depreciated over 40 years at 2.5% of construction costs from the date of completion of construction. This is for a property constructed after 15th Sep 1987. More detailed info on capital works deductions can be found on the ATO website. ato.gov.au

Properties over 40 years old cannot be depreciated. Not that they would be worth it anyway a property probably only cost $500 to build back then []

If the property is less than 5 years old you will also be able to claim depreciation on the chattels over 5 years from date of instalation at varying rates of diminished value.

Cheers.

[KuRCe.Member@kurce.Join Date: 2003Post Count: 8]

July 19, 2003 - 4:51 pm

Caz in perth,

Are you aware of any web sites that have chart trend info for victoria like what you have linked to.

Cheers,
Chris

[KuRCe.Member@kurce.Join Date: 2003Post Count: 8]

July 16, 2003 - 2:41 pm

Obviously the idea of converting it to a 2 bedder is a great one. The only fix to the lighting problem is to place a window through to the balcony from the main bed and single bed you may even consider placing some bi-fold doors from the main bed to the balcony.

I have an issue with the overall plan though. Do you think it is necessary to have an ensuite in a 2 bed apartment. Especially when the bathroom is located on the main bedroom wall. I beleive a better soultion would be to provide access to the bathroom from the main bedroom either through the WIR wall (thus keeping the WIR)or indeed extending the bathroom into the WIR and increasing the size of it. You may then be able to install a bath or spa if you dont already have one in the extra space achieved.

Or if you are able to access the bathroom through the wall that adjoins the main bedroom i would probably do this and keep the WIR so as to maximise living space and removing the Master Robe.

You have probably mulled all this over but it’s probably what I would do based on the plans. Of course not knowing dimensions this may not work.

Cheers.