https://www.propertyinvesting.com/members/madproperty/activity/ Activity feed for MADProperty. Sun, 12 Apr 2026 11:53:40 +0000 https://buddypress.org/?v=2.8.1 en-US 30 hourly 2 776cd8a898223dbfafc68b684ed9b4a2 https://www.propertyinvesting.com/activity/p/423691/ Tue, 19 Nov 2024 22:45:35 +0000 a4865d0a0b61215465a9f1a4252ef1bd https://www.propertyinvesting.com/topic/5047914-seeking-a-new-accountant-in-city-of-casey-area/#post-5048843 Mon, 31 Dec 2018 01:17:14 +0000 Did you get a depreciation report done by a quantity surveyor for the investment property or was this done by the Accountant?
Do you go and see the Accountant or can you email documentation to them so the Accountant doesn’t need to be in the Casey area?

]]> 6dfd5f8fae5fa968cbf3a5cf8e72db89 https://www.propertyinvesting.com/activity/p/368389/ Wed, 27 Dec 2017 23:56:26 +0000 1c0ab243cb8a161c2d00b0d00ab0d68e https://www.propertyinvesting.com/activity/p/368388/ Wed, 27 Dec 2017 23:54:50 +0000 3c71c1b52ed02588dd8dfff8798149e9 https://www.propertyinvesting.com/activity/p/368387/ Wed, 27 Dec 2017 23:54:04 +0000 3a2a9a98df57549e8412af8aba2e32bb https://www.propertyinvesting.com/topic/4409583-tenant-agreements/#post-4692533 Fri, 28 Jun 2013 04:54:18 +0000 I went to the Residential Tenancies Authority (RTA) website and found a section where you can download the forms.  The form for General Tenancy Agreement is Form 18A.  I have attached the website link for you which shows all the relevant forms which you may find useful.  http://www.rta.qld.gov.au/Resources/Forms/Forms-for-general-tenancies

]]> 5db002e08be42e0a4e09d645db6b0fd5 https://www.propertyinvesting.com/topic/4407692-using-personal-credit-card-to-pay-for-ip-rates/#post-4677974 Mon, 08 Oct 2012 07:45:15 +0000 Also think about the credit card fees.  Some rates and other utilities charge fees if you pay by credit card.  Weigh up the cost of the credit card fees against the amount of points you get. 

]]> 0dcfbd5510a1773fc45bc2bdf86cb714 https://www.propertyinvesting.com/topic/4406649-buying-property-interstate-qld/#post-4670368 Tue, 22 May 2012 08:15:18 +0000 This is correct.  You should use a conveyancer for the state or territory you are purchasing in because the laws can be different in each state/territory.  Cannot recommend anyone.

]]> f3738c5b5fe85fbe12760dd63a2d8bf5 https://www.propertyinvesting.com/topic/4406548-aussie-resident-with-nz-property/#post-4669528 Tue, 22 May 2012 08:12:21 +0000 As you are an Australian resident you need to declare any overseas income on your tax return.  In the Australian Taxation Office's Tax Return Supplement publication there is a section on Foreign Income.  It says that you include the Income, less any deductions, which means you are going to show a loss on your tax return. 

]]> 393b5490e77a7db82e10681384bca3a3 https://www.propertyinvesting.com/topic/4406638-tax-and-depreciation-question/#post-4670164 Tue, 22 May 2012 07:57:16 +0000 Yes, this is correct.  Not many people know about this.

]]> e57a61229d5571ae967c9ec7cf62d4f8 https://www.propertyinvesting.com/topic/4406405-income-tax-withholding-variation/#post-4668222 Sat, 28 Apr 2012 00:53:30 +0000 I am a Property Accountant and have done several Income Tax Withholding Variation forms for clients.  There are some common mistakes that people make when they do it on their own, but it isn't overally hard.  When people have several investment properties in joint names they find it easier to have someone else do it.  <moderator: delete ad…[Read more]

]]> 4b41c221b62b4361fde6ee0effefbf5c https://www.propertyinvesting.com/topic/4406130-after-a-busness-plan/#post-4665848 Fri, 06 Apr 2012 04:19:51 +0000 Who is the Business Plan / Business Proposal for?  Yourself, or to obtain a loan, or to find a business partner or something else? 

]]> e091c9adfe667a952a23c5ae140ccffa https://www.propertyinvesting.com/topic/4406144-buy-or-build-home-at-gold-coast/#post-4665922 Fri, 06 Apr 2012 04:13:53 +0000 Do your research on builders.  There have been some bad experiences with builders on the Gold Coast for some people and they have been waiting for years for their house to be built and then they have been leaking with all the rain we've had.

]]> 63e498db122befb8c981a5e61f353082 https://www.propertyinvesting.com/topic/4405409-wages-software-can-anyone-help-or-suggest/#post-4660402 Thu, 15 Dec 2011 07:36:46 +0000 I used to use Wagez Windows years ago.  Found it easy to set up and use for 20 employees.  I also found that you could update it each year for the tax rates and other information cheaper then updating MYOB or Quickbooks.  http://wageswindow.com/

]]> 5441ab91b4f394134f274ad4f9d5892b https://www.propertyinvesting.com/topic/4405069-does-brick-or-fibro-house-matters-for-ip/#post-4658160 Mon, 31 Oct 2011 10:01:28 +0000 Something else to consider may be whether the fibro house contains asbestos.  If you are thinking of knocking it down in the future then you may need specialised people to do it.

]]> ce4740483373798dca6fb5255b1c13c7 https://www.propertyinvesting.com/topic/4405027-landlords-insurance-due-any-better-options-out-there/#post-4657867 Mon, 24 Oct 2011 04:39:48 +0000 I use EBM Insurance. 

]]> 4d265f0f8f3d1b4117a9b3c1fa823fed https://www.propertyinvesting.com/topic/4405034-student-accomodation-good-cash-flow-so-why-not/#post-4657926 Mon, 24 Oct 2011 04:37:16 +0000 Other things to consider are:Landlord Insurance may be a problem.Is the property rented all year or only whilst the students are here?  If it's in a body corporate situation are the rents pooled so that the total is split between the owners or do you receive your own rent?

]]> 0751bfbb24be4a772d2ab08fc9d48cd7 https://www.propertyinvesting.com/topic/4404884-claiming-residential/#post-4656876 Mon, 17 Oct 2011 05:40:28 +0000 There is no GST on residential rent.  Normally you wouldn't provide an invoice for residential rent.  I have seen where some people provide an Invoice/Statement for residential tenants and the invoice/statement has their details on it and their tenant's details on it.  There is no need for an ABN on the invoice and it doesn't need to state whe…[Read more]

]]> e25bf1984aa8b3d56e2cf6f0cd223577 https://www.propertyinvesting.com/topic/4404866-terminating-caretaker-agreement/#post-4656788 Mon, 03 Oct 2011 04:30:34 +0000 I'm guessing that the property is in an on-site managed complex with has a permanent caretaker and they rent your investment property.  Is that right?  Because if so, the caretaking agreement is with the Body Corporate and then you have a separate agreement to rent your property.  If you are not happy with them renting your property you can go to…[Read more]

]]> 3d8f7180d4eb0ec2dffe1826bca0d763 https://www.propertyinvesting.com/topic/4404798-selling-costs-5/#post-4656323 Tue, 27 Sep 2011 05:35:32 +0000 You should also take into account the total purchase cost.  This is the purchase cost of the property plus stamp duty, solicitors fees, other legal costs, etc.

]]> 6d33f33567c41a2fc2db879f8d734e1f https://www.propertyinvesting.com/topic/4404755-purchasing-the-other-half-of-tenants-in-common/#post-4656083 Wed, 21 Sep 2011 04:00:38 +0000 How have you been doing your record keeping for your property?  What was the split per person 50% / 50%?  What did the accountant use to verify this?

]]> c4e24743dd7d3d76cb7426ea6065915e https://www.propertyinvesting.com/topic/4404719-has-the-removal-of-early-exit-fees-changed-anything/#post-4655918 Fri, 16 Sep 2011 01:37:28 +0000 Thanks for the article Jamie.I have had a few interest only loans come up for expiry this year and contacted my banks and got extensions and a better interest rate with no paperwork.  Very happy with that.

]]> 12f335587c21be9361a49eda8db21291 https://www.propertyinvesting.com/topic/4404641-investing-in-the-hunter-valley/#post-4655297 Fri, 16 Sep 2011 01:32:14 +0000 A friend purchased a property in Ashtonfield (near Maitland I'm told) in November 2009 in a new estate. They have had a change in tenants but have had no problems in renting and the rent has increased substantially so they are very happy with it.

]]> 195ca7bf34d491651dfa3b98bdb5865a https://www.propertyinvesting.com/topic/4404672-can-i-claim-back-the-gst-when-i-build-or-buy-a-new-investment-property/#post-4655515 Mon, 12 Sep 2011 04:36:37 +0000 What are you trying to do?Be a developer (business) or an investor?If you are in business you need to have an ABN.  If your turnover is over $75,000 then you need to register for GST.  As you are selling a house that is more than $75,000 this is why you need to register for GST.  You can be a sole trader, partnership or a company.  If you are p…[Read more]

]]> 1d972c617f998bf17909b2dedadf2345 https://www.propertyinvesting.com/topic/4404593-recomendations-for-ip-insurance/#post-4654896 Thu, 01 Sep 2011 03:26:49 +0000 I have found it cheaper to have a building insurance policy with one company and then the landlord insurance policy with another.  I think EBM have one of the best landlord insurance policies around and are quite reasonable with their prices.  I have done claims with them and haven't had issues.Perhaps also look at the excess on the policy.  If yo…[Read more]

]]> 05b77a3b4f6a74d5c12b78f40dff7f5f https://www.propertyinvesting.com/topic/4404594-property-development-8/#post-4654898 Thu, 01 Sep 2011 03:22:11 +0000 Where is the development located?  Are you intending on keeping or selling the properties upon completion?

]]> eaa3f5070d4cd00f41107ff9e6008b28 https://www.propertyinvesting.com/topic/4404474-tax-depreciation-sheet-help/#post-4654042 Fri, 19 Aug 2011 06:53:03 +0000 I haven't used e-tax so not sure about filling it in but will see if I can help.  Where are you putting your Rental Income and Rental Expenses? 

]]> 847125f99e5f28e356c8fe795c162563 https://www.propertyinvesting.com/topic/4404453-mkj-accounting/#post-4653894 Mon, 15 Aug 2011 06:22:37 +0000 Haven't used them.  Did a google search and they seem to be part of another company called Ascentiv Group.  Also, did an ASIC search on their name.  The business name has been registered since 14 Jan 2008.

]]> dea6098326d16ae1eb4e0c7a5a03e96a https://www.propertyinvesting.com/topic/4404367-tax-return-fees/#post-4653298 Mon, 08 Aug 2011 01:05:58 +0000 I like the "shoebox" .  My clients give me the shoebox,  I process it, explain the reports to them and then pass it onto the tax agent.

]]> 73a2f0a0ba4eb808547612fe8dc6a373 https://www.propertyinvesting.com/topic/4404270-declaring-rental-income-in-taxpack-option-24-after-some-adjustment/#post-4652655 Mon, 01 Aug 2011 04:52:53 +0000 It seems strange that you would be paying for a tenant's phone use, electricity and gas when you moved out of the property.  If you are paying for these they would be deductible.   If you are renting out the property then the rent and therefore any deductions should go at 21 Rent on the tax return, not at 24 Other Income.  Don't forget that you…[Read more]

]]> bcaf4e7d3b310519059676dbdb8266f9 https://www.propertyinvesting.com/topic/4404246-interest-deductions-and-part-iva/#post-4651930 Sat, 30 Jul 2011 00:59:31 +0000 Thanks for sharing the information Dan.  Very interesting.

]]> eb5b3b0b15280d0bb6e4d1bf26a2d085 https://www.propertyinvesting.com/topic/4404318-qs-report-from-developer/#post-4652973 Sat, 30 Jul 2011 00:57:45 +0000 If you get the information from the builder then I think the amount would be "builder costs" and not the cost that you would have to pay, i.e. retail should you need to replace anything.  The best approach is to get a depreciation report from a qualified quantity surveyor.  This way it's done right.

]]> fa7ca961d76be823fbb76d34f99e7ec6 https://www.propertyinvesting.com/topic/4404304-depreciation-and-capital-works-deduction-on-new-property/#post-4652839 Sat, 30 Jul 2011 00:52:37 +0000 I would suggest getting a depreciation schedule done and then doing an amended tax return for last year.  Then do this year's tax return and if you are a normal employee look at putting in the ATO's Income Tax Withholding Variation Application for 2011-2012 so that you receive the money back during the year to help you fund the investment…[Read more]

]]> 53dc3d15e844b016235099710fc473e5 https://www.propertyinvesting.com/topic/4404267-tax-on-repairs-after-flooding/#post-4652521 Mon, 25 Jul 2011 04:54:33 +0000 The ATO has put out some information regarding this.  Have a look at this article:  Has Your Rental Property been damaged or destroyed by a natural disaster?http://www.ato.gov.au/content/00275211.htmThis should let some light on the subject for you.

]]> 455f3d621bb4ccb804a102ff17f03951 https://www.propertyinvesting.com/topic/4404209-looking-for-tax-accountant-in-brisbane/#post-4651708 Mon, 25 Jul 2011 04:49:22 +0000 Don't forget to tell your accountant about your NZ investment properties as you will may need to include them in your Australian tax return.

]]> 8ec81c0a1ddcdd49a067441adfe3c73e https://www.propertyinvesting.com/topic/4404211-finance-claims-for-ip/#post-4651725 Thu, 21 Jul 2011 03:52:53 +0000 The legal costs are considered a capital item so these are not expenses.  The borrowing costs are expensed over 5 years or the length of the loan whichever is the shortest.  They are pro-rata each year.  You will need to know the settlement date of the property and then the date when the property was available for rent.  You will only be able to…[Read more]

]]> 65ed77da60705739184b987282d479e9 https://www.propertyinvesting.com/topic/4404226-is-the-interest-on-closing-costs-loc-account-tax-deductible/#post-4651820 Wed, 20 Jul 2011 23:37:30 +0000 If you are only buying in your name then using it for the costs for future IPs won't be a problem as the interest is deductible under your name.  (It's when you buy in more than one name it can be a problem).  The only thing I would want to know is how much interest for each investment property as I like to know what each investment property hol…[Read more]

]]> 14ea9d13274e814239eab7bbf28b28c8 https://www.propertyinvesting.com/topic/4404068-claim-depreciation-of-more-than-a-year-in-a-single-year-tax-return/#post-4650765 Fri, 01 Jul 2011 23:45:58 +0000 If you have purchased the investment properties in your own individual name (not sure about trusts, partnership, companies) then you may be able to re-allocate the depreciation which may give you more depreciation but there are rules that apply to this. <moderator: delete advertising>

]]> d20fb23a2afb3b0b3315f0072664dbf0 https://www.propertyinvesting.com/topic/4404082-rental-income-for-tax-inclusion/#post-4650879 Fri, 01 Jul 2011 07:04:20 +0000 If you have a property manager and they receive the rent by 30th June but don't put it in your bank account until 1st July (just to use an example date) then you must include the rent received by the 30th June in the 2010-2011 tax return.  This is because the agent is acting on your behalf so it is when they receive it, not when you receive it.

]]> a184d6482fc4581cf3a8498aa7197148 https://www.propertyinvesting.com/topic/4404086-claiming-interest-on-ip/#post-4650905 Fri, 01 Jul 2011 06:58:55 +0000 The ATO produce a booklet Deductions for Prepaid Interest.  Link attached.http://www.ato.gov.au/content/00270253.htm

]]> f9d686f8f2ae306caf7d09263612f7ec https://www.propertyinvesting.com/topic/4404068-claim-depreciation-of-more-than-a-year-in-a-single-year-tax-return/#post-4650764 Fri, 01 Jul 2011 06:54:55 +0000 Have you purchased the investment properties in one name or more than one name?

]]> b214e15d2e883554a4ca46e6df6f6f8e https://www.propertyinvesting.com/topic/4404014-which-myob-package/#post-4650340 Thu, 30 Jun 2011 05:21:07 +0000 I have designed my own spreadsheets that I use for my investment property bookkeeping business because I couldn't find any software that did what I wanted.  That is, work out my holding costs before tax, after tax, how much did the property cost me to buy, work out borrowing costs, re-allocate depreciation.  The spreadsheets calulate the ho…[Read more]

]]> 93091c276de3ad6fdbf785cd0d55520b https://www.propertyinvesting.com/topic/4404014-which-myob-package/#post-4650337 Sun, 26 Jun 2011 02:02:09 +0000 I don't think MYOB or Quickbooks are good for property investing as they are more designed for businesses.  Accountright Plus includes the payroll which you said that you didn't need.  I'm not sure if Quicken will do what you want.

]]> 5b37109a09d430130f8b2a1614baf28c https://www.propertyinvesting.com/topic/4403861-car-parks-6/#post-4649335 Mon, 13 Jun 2011 06:58:03 +0000 The API magazine have done a couple of articles on car parks.  The latest was in their November 2009 issue.  They had a case study from someone who purchased one – he did it because he didn't have a car space for his job and so he bought one for use at that time.  He purchased it with cash, was able to sub-lease it if he wanted to, had to pay bo…[Read more]

]]> b8fc246abc2b7e8507ce17cef8f38ac4 https://www.propertyinvesting.com/topic/4403850-paying-negative-gearing-with-income-tax-as-you-go/#post-4649272 Mon, 13 Jun 2011 06:46:34 +0000 If you are self-employed (sole trader) you can do the same thing on your BAS Return. Only problem is that you probably don't know your earnings so it makes it a bit hard.  The actual name for this is the PAYG Withholding Variation Application.  Or 15-15 form.  The name changed from 221D some years ago.  Here is the link from the ATO's webs…[Read more]

]]> 3474c1a5591be0594990d130c6cfaee8 https://www.propertyinvesting.com/topic/4403673-is-stamp-duty-tax-claimable-for-ip/#post-4648017 Mon, 13 Jun 2011 06:33:40 +0000 I'm a bit late in replying and can see that Terryw has answered your question. 

]]> 9c3e3be72531598a059b806b8be0eec9 https://www.propertyinvesting.com/topic/4403673-is-stamp-duty-tax-claimable-for-ip/#post-4648009 Sat, 11 Jun 2011 07:10:04 +0000 Did you set up the $45k as a separate loan on your PPOR?

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